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Should We Pay Attention to Price Movements at the Start of the Week Leading Up to the U.S. Employment Report?

Market Report

Should We Pay Attention to Price Movements at the Start of the Week Leading Up to the U.S. Employment Report?

29.05.2023

Today's Highlights
  1. Markets in the U.K., U.S., and Switzerland are closed for a holiday
  2. Turkey Economic Confidence Index

In the U.S. currency markets last weekend, the U.S. dollar rose against the euro after the U.S. April Core PCE Deflator, released on the 26th, rose from 4.6% to 4.7% year-over-year.The EUR/USD pair fell from 1.0757 to 1.0701, finding support near the 200-day EMA on the daily chart. Since April 4, the pair has been in a downtrend on the 4-hour chart, with the 20-day MA acting as resistance, so traders should remain cautious of further declines during European trading hours.

Despite the fact that the UK’s April retail sales figures, released last weekend, showed a year-over-year decline of 3.0% (down from 3.1%), the pound traded in a tight range against the U.S. dollar.The GBP/USD pair fluctuated wildly between 1.2311 and 1.2392, with price action straddling the 20-period moving average (MA) on the hourly chart.From a technical perspective, since a downtrend along the 20-period moving average on the 4-hour chart has been continuing since May 10, we will be watching closely to see if the pair will extend its decline toward the next support level around 1.2279.

Today, Swedish household loans are scheduled for 15:00 Asia time; the Turkish Economic Confidence Index for 16:00 Europe time; Hong Kong’s trade balance for 17:30; Brazilian employment figures for 26:00 U.S. time; and New Zealand housing construction permits for 7:45 the following day.No economic indicators are scheduled for release during U.S. trading hours. With the U.S. jobs report coming up this weekend, we will be closely monitoring price movements at the start of the week to see if the U.S. dollar reacts ahead of the report.

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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