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All eyes are on whether the U.S. dollar will see significant movement following the release of the U.S. ISM report

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All eyes are on whether the U.S. dollar will see significant movement following the release of the U.S. ISM report

01.03.2023

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. U.S. ISM Manufacturing PMI

In the U.S. currency market yesterday, the U.S. dollar weakened after the Richmond Fed’s February Manufacturing Index—released yesterday—came in at -16, significantly below the market forecast of -5. The USD/JPY pair fell by approximately 120 pips, from 136.911 to 135.715.This marked a pullback following a new high for the year. With the release of the ISM Manufacturing Index scheduled for today (U.S. time), we will be closely monitoring whether the results trigger significant market movements.

Among European currencies, the Swiss franc was the weakest after fourth-quarter real GDP on a quarter-over-quarter basis, released yesterday, came in below both market expectations and the previous reading. The USD/CHF pair rose by just under 100 pips, from 1.3559 to 1.3658.It has now risen to a level just about 130 pips away from setting a new high for the year. However, since a range resistance zone lies at a level approximately 130 pips above the current price, it is worth watching to see if the price will consolidate for a while after the rally.

Today’s schedule includes the Turkish Manufacturing PMI and UK Nationwide House Prices at 16:00; Swiss Retail Sales at 16:30; the Swiss Manufacturing PMI at 17:30; the French Manufacturing PMI at 17:50; the Germanunemployment rate, at 18:30 UK Manufacturing PMI, at 19:00 remarks by BOE Governor Bailey and remarks by German Bundesbank President Nagel, at 21:00 US MBA Mortgage Applications Index, at 22:00 GermanConsumer Price Index, 23:00: U.S. remarks by Kashkari, President of the Federal Reserve Bank of Minneapolis, 24:00: U.S. ISM Manufacturing Index, and 24:30: U.S. weekly crude oil inventories. We will be watching closely to see if the U.S. ISM release triggers significant movement in the U.S. dollar.

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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