Market Participants on Alert for Key Economic Indicators to Be Released in the U.S.
04.05.2022
- U.S. FOMC Policy Rate and Statement Announcement
- U.S. ISM Non-Manufacturing Purchasing Managers' Index
Yesterday, the U.S. dollar weakened against the euro, and the euro/dollar pair rose slightly. The euro/dollar pair climbed as high as 1.057 but then lost momentum. During today’s Asian trading session, it has fallen to 1.051.With the FOMC implementing a 0.5% rate hike as widely expected at today’s meeting, we will be watching closely for any significant divergence between the committee’s statements—specifically regarding the pace of balance sheet reduction, capped at $95 billion per month—and market expectations.
European currencies showed signs of strength at the start of U.S. trading yesterday but lost momentum toward the end of the session. The pound fell against the dollar from 1.256 to 1.247. During today’s Asian trading session, the pound has been the weakest currency, trending lower against both the yen and Oceania currencies.
Today, at 17:30, UK mortgage approvals; at 18:00, Eurozone retail sales; at 20:00, US MBA Mortgage Applications Index; at 21:15, US ADP National Employment Report; at 21:30, Canadian trade balance and US trade balance;at 10:45 PM, the U.S. Services PMI; at 11:00 PM, the U.S. ISM Non-Manufacturing Index; at 11:30 PM, U.S. weekly crude oil inventories;at 27:00, the U.S. FOMC policy rate decision and statement, and at 27:30, a press conference by Fed Chair Powell. Since key economic indicators are scheduled to be released in succession during U.S. trading hours, traders should pay close attention to price movements starting then.
