6.7 After easing tapering concerns, the month moving to incorporate indicators
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Today's article is
1. Reactions after the employment statistics
2. Last week's news and how it was received
3. Focus this week
4. Stock market trends (Nikkei 225)
5. Chart analysis (USD/JPY, EUR/USD, GBP/JPY, CAD/JPY)
Reactions after the employment statistics
Last Friday's employment data came in at 559,000 versus an expectation of 670,000.
Ahead of the ADP employment report, since positions were being unwound from dollar-selling bets on good employment numbers, the data caused a reversal from that stance.
The dollar-buying movement due to concerns about tapering retreated, and the market began to look ahead to the next FOMC meeting.
Even though President Biden had announced a press conference regarding the employment statistics beforehand, the result felt like a bit of a letdown.
The unemployment rate improved from 6.1% to 5.8%.
Since the pre-COVID level was around 3.5%, the unemployment rate has been steadily improving. As a criterion for starting tapering, the author sets “return to pre-COVID levels” as a benchmark; we are one step closer, but the road is still long.
The flow described in the article published before the employment statisticswasas written.
” If the results miss expectations or come in at the previous month’s level, or if they meet expectations