Market participants may be on alert for key economic indicators to be released in the U.S.
04.05.2022
- U.S. FOMC Policy Rate and Statement Release
- MIS/ISM Non-Manufacturing Purchasing Managers' Index
The U.S. dollar weakened against the euro yesterday, with the EUR/USD pair rising slightly. The EUR/USD rose as high as 1.057 but then lost momentum. During today’s Asian trading session, it has fallen to 1.051. With the FOMC expected to raise rates by 0.5% as widely anticipated at today’s meeting, we will be watching closely for any significant divergence between the committee’s statements and market expectations regarding the pace of balance sheet reduction, which is set at a maximum of $95 billion per month.
European currencies started the day on a strong note during the early U.S. trading session yesterday but lost momentum toward the end. The GBP/USD pair fell from 1.256 to 1.247. In today’s Asian trading session, the pound is the weakest currency, with the pair trending lower against both the yen and the Australian dollar.
Today, at 5:30 PM, UK mortgage approvals; at 6:00 PM, Eurozone retail sales; at 8:00 PM, US MBA mortgage applications; at 9:15 PM, US ADP National Employment Report; at 9:30 PM, Canadian trade balance and US trade balance;22:45 US Services PMI, 23:00 US ISM Non-Manufacturing PMI, 23:30 US Weekly Crude Oil Inventories, 27:00 US FOMC Interest Rate Decision and Statement, and 27:30 US Fed Chair Powell’s Press Conference. Since key indicators are scheduled to be released one after another during US trading hours, we should pay close attention to price movements starting from the US session.
Author: Keisuke Sakurai
