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

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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 kept the U.S. dollar’s downside firm.

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 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 keep a close eye on its direction.

Today, at 15:45 Asia time, France’s trade balance and current account balance will be released; at 16:00 Europe time, Turkey’s current account balance; at 20:55 Europe time, remarks by ECB President Lagarde; at 21:30 U.S. time, Canada’s employment report and the U.S. employment report;at 23:00, U.S. wholesale inventories; at 24:00, remarks by U.S. Federal Reserve Bank of New York President Williams; and at 28:00, U.S. consumer credit balances. Be sure to pay close attention to 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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