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Will the U.S. dollar weaken in response to the U.S. employment report and comments from key officials, or should we wait and see?

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Will the U.S. dollar weaken in response to the U.S. employment report and remarks by key officials, or should we wait and see?

06.09.2024

Today's Highlights
  1. U.S. Employment Report
  2. Remarks by Federal Reserve Board Member Waller

In U.S. currency trading yesterday, the U.S. dollar fell against the yen despite the fact that the U.S. August ISM Non-Manufacturing Index, released yesterday, improved to 51.5 from 51.4 the previous month. The USD/JPY pair fell from 144.212 to 142.841.During today’s Asian trading session, the pair has extended its decline to 142.267. On the daily chart, the downtrend continues as the price touches the 20-day moving average, so traders should remain highly vigilant regarding price movements following today’s U.S. employment report.

European currencies saw the pound fall against the yen after the UK’s August Construction PMI, released yesterday, declined to 53.6 from 55.3 the previous month. The GBP/JPY pair fell from 189.776 to 188.605.During today’s Asian trading session, the pair extended its decline, touching 187.608. On the weekly chart, the 20-day moving average is firmly acting as a resistance level, so traders should watch for further declines in the pound during U.S. trading hours.

Today’s economic indicators include the Japan Household Expenditure Survey at 8:30, the Philippines Unemployment Rate at 10:00, the Japan Economic Trends Survey at 14:00, and at 15:00, Germany’sIndustrial Production and Trade Balance at 14:00, France’s Current Account Balance at 15:45, Eurozone Real GDP at 18:00,at 9:30 PM, Canada’s Employment Statistics; at 9:30 PM, U.S. Employment Statistics; at 9:45 PM, remarks by Williams, President of the New York Fed; at 11:00 PM, Canada’s Ivey Purchasing Managers’ Index; and at 12:00 AM, remarks by Waller, Member of the Federal Reserve Board.I want to carefully monitor the market to see if the U.S. dollar will weaken in response to the U.S. employment report and remarks by key officials.

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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