Be on the lookout for sharp fluctuations in the U.S. dollar following the release of U.S. employment data

Be on the lookout for sharp fluctuations in the U.S. dollar following the release of U.S. employment data

03.02.2023

In yesterday’s U.S. currency trading, the Canadian dollar fell, and the USD/CAD pair rose by just under 90 pips from 1.3261 to 1.3346.USD/CAD rebounded at the point where it touched the 200-day EMA on the daily chart, leading to yesterday’s rise. If the pair tests the support level again and successfully rebounds, the US dollar is likely to strengthen against the Canadian dollar; therefore, we will be watching the release of the US employment report during US trading hours today.

Among European currencies, the pound fell against the U.S. dollar after the Bank of England raised its policy rate by 0.5% yesterday to 4.0%. GBP/USD fell by approximately 200 pips from 1.2400 to 1.2202.The decline halted as the pair found support at the 200-period SMA on the 4-hour chart. Following yesterday’s drop, GBP/USD has fallen below the daily 20-period MA, marking the end of the one-month uptrend that lasted through last month; therefore, we should remain cautious of further declines.

Today, at 4:00 PM, Turkey’s Consumer Price Index and Producer Price Index; at 4:45 PM, France’s Industrial Production and Manufacturing Production Index; at 5:50 PM, France’s Services PMI; at 5:55 PM, Germany’s Services PMI; at 6:00 PM, the Eurozone’s Services PMI; at 6:30 PM, the UK’s Services PMI;the Eurozone Producer Price Index at 7:00 PM, remarks by UK MPC member Pill at 9:15 PM, U.S. Employment Report at 10:30 PM, U.S. Services PMI at 11:45 PM, U.S. ISM Non-Manufacturing PMI at 12:00 AM, and remarks by U.S. Federal Reserve Bank of San Francisco President Daly at 4:30 AM.Please be particularly cautious of sharp fluctuations in the US dollar following the release of the US employment report.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   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. 10.04.2026

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

9. 09.04.2026

   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. 08.04.2026

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