Investors should keep an eye on the Canadian and U.S. employment data

Investors should keep an eye on the Canadian and U.S. employment data

08.07.2022

The U.S. dollar strengthened against the euro yesterday, with the EUR/USD pair falling by about 70 pips from 1.0221 to 1.0143. The number of new U.S. unemployment insurance claims released yesterday rose by about 4,000 from the previous week to 235,000, exceeding market expectations. This was driven by a lull in concerns over a U.S. recession, which helped the dollar hold its ground against further declines.

Among European currencies, the pound strengthened against both the yen and the U.S. dollar yesterday following the announcement of Prime Minister Johnson’s resignation, with the GBP/JPY pair rising by approximately 2 yen from 161.574 to 163.599. Prime Minister Johnson has indicated that he intends to remain in office until a new party leader is elected. However, since the GBP/JPY pair has already fallen by more than 1.2 yen during today’s Asian trading session, traders should pay close attention to its direction.

Today, at 3:45 p.m. Asia time, France’s trade balance and current account balance will be released; at 4:00 p.m. Europe time, Turkey’s current account balance will be released;at 20:55, remarks by ECB President Lagarde; at 21:30 U.S. time, Canadian and U.S. employment reports; at 23:00, U.S. wholesale inventories; at 24:00, remarks by Williams, President of the New York Fed; and at 28:00, U.S. consumer credit balances. We should pay close attention to the Canadian and U.S. employment report results during U.S. trading hours.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 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?

7. 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

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 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?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?