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Will Attention Be Focused on Employment Statistics and Economic Indicators?

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Will Attention Be Focused on Employment Statistics and Economic Indicators?

06.05.2022

Today's Highlights
  1. U.S. Employment Report
  2. Housing Prices in Halifax, UK

In the previous day’s U.S. currency trading, the market reversed course from the sharp decline following the FOMC meeting and regained strength, with the EUR/USD falling approximately 140 pips from 1.064 to 1.049.Yesterday’s decline pushed the EUR/USD back into a trading range of 1.047–1.057, where it is now trading below the 20-period moving average on the 4-hour chart. If the decline continues, we should keep an eye on 1.044 as the next potential low.

European currencies are showing weakness, particularly the euro, as various countries impose new sanctions on Russia; the euro/yen pair fell from 137.55 to 136.85. However, as it has shown signs of recovery during today’s Asian trading session, we should carefully assess the direction of the market while comparing it with other currencies.Meanwhile, the euro is showing strength against Oceania currencies, with the euro/Australian dollar pair rising from 1.461 to 1.484.

Today, at 15:00 European time, German industrial production and UK Halifax house prices will be released, followed by the UKUK Construction PMI at 17:30, remarks by UK MPC member Mann at 18:15, remarks by German Bundesbank President Nagel at 18:30, and remarks by UK MPC member Pill at 20:15, followed by the Canadian unemployment rate and U.S. employment report at 21:30 during U.S. trading hours,at 22:15, remarks by U.S. Federal Reserve Bank of New York President Williams; at 23:00, the Canadian Ivey Purchasing Managers’ Index; at 24:00, remarks by UK MPC Member Tenreyro; and at 28:00, remarks by U.S. Federal Reserve Bank of Atlanta President Bostic.We should pay close attention to the overlapping economic data releases from European to U.S. trading hours.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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