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Investors should be on the lookout for increased volatility following the release of economic indicators in U.S. time.

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Investors should be on the lookout for increased volatility following the release of economic indicators in U.S. time.

06.01.2023

Today's Highlights
  1. U.S. Employment Report
  2. U.S. ISM Non-Manufacturing Purchasing Managers' Index

The U.S. dollar emerged as the strongest currency the previous day, driven by strong U.S. economic data releases. Yesterday, George, President of the Federal Reserve Bank of Kansas City, stated in an interview with CNBC that“The Fed should maintain its policy rate above 5% well into 2024,” thereby dampening expectations of excessive rate cuts. This contributed to the GBP/USD pair falling 200 pips from 1.2076 to 1.1873.

European currencies saw the euro weaken after the EU’s November Producer Price Index (PPI), released yesterday, came in at 27.1% year-over-year—below the market forecast of 27.6%.While the USD/JPY rose, the EUR/JPY traded in a range between 139.975 and 141.362, and the direction remains unclear during today’s Asian trading session. The EUR/JPY is trading just below the 75-period moving average (MA) on the 4-hour chart, which could act as resistance; therefore, traders should be cautious of further downside potential.

Today’s schedule includes German manufacturing orders and UK Halifax house prices at 16:00, Swiss retail sales at 16:30, the Eurozone Consumer Price Index at 19:00, and Canadian and U.S. employment reports at 22:30,at 24:00, the Canadian Ivey Purchasing Managers’ Index and the U.S. ISM Non-Manufacturing Index; at 25:15, remarks by U.S. Federal Reserve Governor Cook and U.S. Atlanta Fed President Bostic; at 26:15, remarks by U.S. Richmond Fed PresidentRichmond Fed President, and at 27:00, remarks by U.S. Federal Reserve Governor George, President of the Kansas City Fed. Be on alert for a sharp spike in volatility due to these economic indicator releases 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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