Market participants may be on alert due to a flurry of remarks by key figures during U.S. trading hours
03.03.2023
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
- Mizuho ISM Non-Manufacturing Purchasing Managers' Index
In yesterday’s U.S. currency markets, the U.S. dollar emerged as the strongest currency despite the U.S. fourth-quarter labor productivity index, released yesterday, coming in at 1.7%—below the market forecast of 2.6%. The USD/JPY pair rose from 136.042 to 137.071, rebounding to a new recent high within the range of the 4-hour Bollinger Bands from -2σ to +2σ.However, with a number of key officials scheduled to speak during U.S. trading hours today, traders should be on guard for sharp fluctuations in the U.S. dollar depending on the content of their remarks.
Among European currencies, the pound fell sharply against the U.S. dollar.GBP/USD fell from 1.2035 to 1.1925, retreating to the 200-day SMA on the daily chart. However, looking at the 4-hour chart, GBP/USD is trading in a range between 1.1921 and 1.2144. We will be watching closely to see if this price range changes following the release of economic indicators and comments from key figures over the weekend.
Today’s economic indicators include Germany’s trade balance and Turkey’s consumer price index at 4:00 PM, France’s industrial production and manufacturing production index at 4:45 PM, the UK’s services PMI at 8:30 AM, Canada’s housing starts and fourth-quarter labor productivity at 10:30 PM, the US services PMI at 11:45 PM,at 12:00 AM: US ISM Non-Manufacturing PMI; at 1:00 AM: Remarks by Logan, President of the Dallas Fed; at 2:00 AM: Remarks by Bostic, President of the Atlanta Fed; at 4:00 AM: Remarks by Waller, Fed Governor; and at 5:00 AM: Remarks by Bowman, Fed Governor.We will be closely monitoring whether currency strength shifts due to remarks from key officials over the weekend (U.S. time).
Author: Keisuke Sakurai
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