All eyes are on remarks by Bank of Canada Governor McClean following the 0.25% rate hike
03.03.2022
- Mizuho ISM Non-Manufacturing Purchasing Managers' Index
- Remarks by Bank of Canada Governor Macleam
In the U.S. currency market yesterday, the dollar index rose slightly to 97.5, driving the U.S. dollar higher. The USD/JPY pair rose from 114.79 to 115.71.However, the dollar weakened against the Canadian dollar, whose policy rate was raised yesterday from 0.25% to 0.5%, and USD/CAD fell from 1.274 to this year’s low of 1.262. Since USD/CAD is showing price action that suggests a triple top formation on the daily chart, we need to carefully assess whether the decline will continue.
European currencies are trading firmly, with the euro gaining ground on expectations that ceasefire talks between Russia and Ukraine will resume today; the euro/yen pair rose by approximately 140 pips from 127.300 to 128.779. However, with cross-yen pairs generally on the rise and the euro/Australian dollar continuing its decline along the 20-period moving average on the hourly chart, we will first focus on the outcome of today’s ceasefire talks.
Today, at 4:30 PM, the Swiss Consumer Price Index will be released; at 6:30 PM, the UK Services PMI; at 9:30 PM, the minutes of the ECB Governing Council meeting and the US Challenger job cuts forecast; at 10:30 PM, US initial jobless claims and US fourth-quarter agricultural labor productivity; at 11:45 PM, the US Services PMI;at 12:00 AM, the US ISM Non-Manufacturing Index, US Manufacturing Orders Index, and Fed Chair Powell’s congressional testimony; at 12:30 AM, US weekly natural gas inventories; and at 2:45 AM, remarks by Bank of Canada Governor Macklem. We will keep an eye on the rise in US currencies while paying close attention to Governor Macklem’s remarks following the rate hike.
Author: Keisuke Sakurai
Past Market Reports
22.04.2026
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21.04.2026
With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall
20.04.2026
Will the market wait and see how much further the U.S. dollar can rise against the yen?
17.04.2026
Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.
16.04.2026
Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar
15.04.2026
Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?
14.04.2026
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
13.04.2026
Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?
10.04.2026
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?
09.04.2026
Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?
