Improved Non-Farm Payrolls Driving U.S. Dollar Higher
Forex Traders Looking for Strong U.S. Non-Farm Payrolls Number
U.S. Dollar retreats after Non-Farm Payrolls Fall by 95,000
U.S. September Non-Farm Payrolls fell by 95,000 with the private sector coming out at 64,000, in line with expectations. Overall one has to conclude the report was close to what traders were looking for. This could mean more of the same trading pattern which we have been witnessing the past couple of weeks.
Commodity, Equity Bulls Pare Positions ahead of Friday’s Non-Farm Payrolls Report
Commodity and equity traders pared long positions on Thursday ahead of Friday’s U.S. Non-Farm Payrolls Report. Traders appeared to be taking no chances that the report will come out better than expected, leading perhaps to the Fed cutting back on the amount of quantitative easing it is currently considering.
Dollar Mixed on Light Trading Ahead of U.S. Non-Farm Payrolls
The U.S. Dollar is trading mixed overnight ahead of this morning’s Non-Farm Payrolls Report. Demand for risky assets is up overnight putting pressure on lower yielding currencies. Traders are looking for a loss of about 50,000 jobs. This guess is higher than last month’s actual loss of 20,000 jobs. The unemployment rate is expected to rise from 9.7% to 9.8%.
Dollar Trades Flat Ahead of U.S. Non-Farm Payrolls
The U.S. Dollar and equity markets traded in a relatively tight range overnight ahead of this morning’s U.S. employment report. Traders are looking for an improvement today from the November report. Guesses are for a job loss of “only” 125,000 and for the unemployment rate to hold steady at 10.2 percent. There is some debate as to whether this is the low for the unemployment rate.
Non-Farm Payrolls Report to Set Tone in Forex Market
The U.S. Dollar Index withstood another test of the low for the week at 74.31 and last week’s low at 74.27 on Thursday. The higher close was impressive, but this market is still lower for the week. Overnight action has been mixed but strong upside momentum could trigger a challenge of last week’s close at 75.04.