All eyes are on whether the UK unemployment rate will fall below 3.8% in the latest employment figures
11.07.2023
- Germany's ZEW Economic Sentiment Survey
- UK Employment Statistics
In yesterday's U.S. currency markets, the U.S. dollar weakened while the euro/dollar pair rose. The euro/dollar pair climbed from 1.0943 to 1.1012, marking its third consecutive day of gains. From a technical perspective, the euro/dollar pair is currently trending upward toward the upper boundary of its weekly ascending wedge at 1.1145, so it will be worth watching whether the euro continues to rise during European trading hours.
Among European currencies, the pound rose against the U.S. dollar ahead of today’s employment data. The GBP/USD pair climbed approximately 110 pips from 1.2750 to 1.2866. It has hit a new high for the year and is attempting to break through the resistance at the 200-day moving average on the weekly chart. On the daily chart, the RSI is hovering just below 70 with some room to spare, so we will be watching the employment data results closely to see if the upward trend continues.
Today’s economic indicators include the UK Employment Report, German Consumer Price Index, and Japanese Machine Tool Orders at 3:00 PM; the Turkish Current Account Balance at 4:00 PM;at 18:00, the German ZEW Economic Sentiment Survey and the Eurozone ZEW Economic Sentiment Survey; at 19:00, the U.S. NFIB Small Business Optimism Index; at 20:00, South African Manufacturing Production; at 21:00, Brazil’s Broad Consumer Price Index; at 24:30, the U.S. 12-month Treasury bill auction; and at 26:00, the U.S. 3-year Treasury note auction.We will be watching the UK employment report to see if the unemployment rate falls below 3.8%, as well as the market reaction to the data and the movement of the pound.
Author: Keisuke Sakurai
