All Eyes on the U.S. ISM Non-Manufacturing PMI?

All Eyes on the U.S. ISM Non-Manufacturing PMI?

03.12.2021

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, 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 4:45 p.m., remarks by ECB President Lagarde at 5:30 p.m., the UK Services PMI at 6:30 p.m., Eurozone retail sales at 7:00 p.m., remarks by MPC member Saunders at 8:00 p.m.,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.