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Will Attention Be Focused on Employment Statistics and Economic Indicators?

Market Report

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

Yesterday, U.S. currencies rebounded from their sharp post-FOMC decline, regaining strength, while the EUR/USD fell approximately 140 pips from 1.064 to 1.049.Yesterday’s decline pushed the EUR/USD back into a trading range between 1.047 and 1.057, placing it 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 trading weakly, with the euro in particular under pressure 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 18:15 a statement by UK MPC member Mann, at 18:30 a statement by German Bundesbank President Nagel, at 20:15 a statement by UK MPC member Pill, followed by, during U.S. trading hours, at 21:30 the Canadian unemployment rate and U.S. nonfarm payrolls,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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