All Eyes on the U.S. ISM Non-Manufacturing PMI
03.12.2021
- Retail Sales in Europe
- U.S. ISM Non-Manufacturing Purchasing Managers' Index
Yesterday, in the U.S. market, the three major stock indices all rose, resulting in a market environment characterized by higher stock prices, flat interest rates, and flat crude oil prices.The fear index (VIX) fell by about 10% from the previous day. While U.S. stocks are on an upward trend, Japanese stocks are facing resistance at higher levels, and the Nikkei 225 is trading around 27,692 yen.
In the foreign exchange market, the euro has been falling against the U.S. dollar, with the EUR/USD pair dropping from 1.134 to 1.129. From a technical perspective, the EUR/USD pair is declining as it is capped by the 20-day moving average on the daily chart, so we need to closely monitor whether this downward trend will continue due to the strength of the U.S. dollar.
Today’s schedule includes French industrial production at 16:45, remarks by ECB President Lagarde at 17:30, the UK Services PMI at 18:30, Eurozone retail sales at 19:00, remarks by MPC Member Sanders at 20:00,at 10:30 PM, Canada’s unemployment rate and U.S. employment report; at 11:15 PM, remarks by U.S. Federal Reserve Bank of St. Louis President Bullard; at 11:45 PM, the U.S. services PMI (final reading); and at midnight, the U.S. ISM Non-Manufacturing Index.I plan to closely monitor currency strength and weakness while paying close attention to the various economic indicators scheduled for release today during U.S. trading hours.
Author: Keisuke Sakurai
