All eyes on the U.S. ISM Non-Manufacturing Purchasing Managers' Index
03.12.2021
- European Retail Sales
- MIS/ISM Non-Manufacturing Purchasing Managers' Index
Yesterday, the three major U.S. stock indices all rose, resulting in a market environment characterized by higher stock prices, flat interest rates, and flat crude oil prices. The VIX (fear index) 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, with the Nikkei 225 hovering 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 being held down by the 20-day moving average on the daily chart. Given the strength of the U.S. dollar, it will be important to closely monitor whether this downward trend will continue.
Today’s schedule includes French industrial production at 4:45 PM, remarks by ECB President Lagarde at 5:30 PM, UK Services PMI at 6:30 PM, Eurozone retail sales at 7:00 PM, remarks by MPC member Saunders at 8:00 PM, Canadian unemployment rate and U.S. nonfarm payrolls at 10:30 PM, and remarks by U.S. Federal Reserve Governor Brainard at 11:15 PM:St. Louis Fed President, 11:45 PM US Services PMI (final reading), and 12:00 AM US ISM Non-Manufacturing PMI. I plan to closely monitor currency strength while paying close attention to the various economic indicators scheduled for release today during US trading hours.
Author: Keisuke Sakurai
