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Should We Pay Attention to the Canadian and U.S. Employment Statistics?

Market Report

Should We Pay Attention to the Canadian and U.S. Employment Statistics?

08.07.2022

Today's Highlights
  1. U.S. Employment Report
  2. Canada: Employment Statistics

The previous day, the U.S. dollar strengthened against the euro, 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 U.S. dollar hold its ground against further declines.

Among European currencies, the pound—following yesterday’s announcement of British Prime Minister Johnson’s resignation—traded firmer against both the yen and the U.S. dollar, with the GBP/JPY pair rising by about 2 yen from 161.574 to 163.599.Prime Minister Johnson has indicated his intention to continue serving as prime minister 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, the French trade balance and current account balance are scheduled for 15:45 during Asian trading hours; the Turkish current account balance is scheduled for 16:00 during European trading hours; remarks by ECB President Lagarde are scheduled for 20:55; the Canadian employment report and U.S. employment report are scheduled for 21:30 during U.S. trading hours;at 11:00 PM U.S. time, U.S. wholesale inventories; at 12:00 AM U.S. time, remarks by U.S. Federal Reserve Bank of New York President Williams; and at 4:00 AM U.S. time, U.S. consumer credit balances. Please pay close attention to the results of the Canadian and U.S. employment reports during 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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