The dollar has traded without directional bias into the U.S. jobs report. The narrow trade-weighted USD index was net unchanged on the day, at 92.59, as of the early European PM session. The euro was lifted by ECB’s Nowotny’s remarks as he said that there was no need to over dramatize the currency’s appreciation. That followed comments by his colleague Constancio, who said that a reflationary phase has not yet started. Meanwhile USDCAD is traded further down, following the blowout Canadian GDP report from yesterday, and in anticipation of U.S. jobs report in a while. The highlight of the the day of course, is the August employment report, where expected a 190k increase in non-farm payrolls. Following the stronger ADP report earlier in the week, risk is to the upside. The unemployment rate is seen unchanged at 4.3%, while hourly earnings are expected up 0.2% versus the 0.3% rise in July. The August manufacturing ISM is forecast at 55.7 from 56.3. July construction spending is penciled in at up 0.6% from -1.3%, while the final August University of Michigan consumer sentiment index should improve to 98.0 from 97.6. August auto sales will trickle out through the session.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.