Keep an eye on U.S. Treasury Secretary Yellen’s congressional testimony

Keep an eye on U.S. Treasury Secretary Yellen’s congressional testimony

01.12.2021

Yesterday, the three major U.S. stock indices all fell, leading to a risk-off market characterized by falling stock prices, lower interest rates, and declining oil prices. WTI crude oil fell well below $70 and is currently trading around $67.50 per barrel. Gold also faced resistance at higher levels, falling sharply on the final day of November to around $1,778.

In the foreign exchange market, the GBP/JPY pair fell by nearly 200 pips yesterday, briefly dipping below the key level of 150.00 to hit 149.71. However, during today’s Asian trading session, it recovered more than half of those losses and is currently trading around 150.90. From a technical perspective, since the pair has not yet reached the daily low of 148.98, we need to carefully assess whether the upward trend will continue.

Today, at 4:00 PM: Turkey Manufacturing PMI, UK Nationwide House Prices, and Germany Retail Sales; at 4:30 PM: Switzerland Consumer Price Index; at 9:00 PM: US MBA Mortgage Applications; at 10:15 PM: US ADP National Employment Report; at 10:30 PM: Canada Building Permits;at 11:00 PM, remarks by Bank of England Governor Bailey; at 11:45 PM, the U.S. Manufacturing PMI; at 12:00 AM, the U.S. ISM Manufacturing Index; and at 12:00 AM, congressional testimony by Federal Reserve Chair Powell and Treasury Secretary Yellen. I plan to keep an ear out for headline news while closely monitoring currency strength and weakness.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed