Yesterday, the NY market saw the USD weaken in response to a lower-than-expected ISM Manufacturing PMI. This caused the USD/JPY to drop to the 155 yen level, while the EUR/USD climbed above 1.09. The Dollar Index also fell to its lowest level in about two months. However, with the U.S. jobs report due on Friday, the market’s reaction to each U.S. economic indicator might remain limited for now.
In today’s overseas market, key U.S. economic indicators to watch include the JOLTS Job Openings (April), Factory Orders (April), and Durable Goods Orders (final) (April). Recently, the market’s reaction to the JOLTS Job Openings has been notable. The consensus forecast is 8.36 million, down from the previous 8.488 million. Depending on the results, a straightforward market reaction to a decrease could lead to USD selling.
There are few scheduled events or speeches. Since last week, U.S. financial officials have entered the “blackout period,” refraining from comments related to monetary policy. Ahead of the ECB Governing Council meeting on Thursday, ECB officials also seem to be holding back from making significant new statements. In corporate earnings, HP’s results are expected to draw attention.
Today’s key event is the JOLTS Job Openings. Depending on the outcome, the market could see a reversal from yesterday’s movements. I plan to follow the USD’s movement based on these results.
