The U.S. Dollar is currently in mixed ranges with the majors mostly within the same ranges all week.
Non-Farm Payrolls came in weaker than expected at 155K instead of 198K, the Unemployment Rate remained at 3.7%, and Euro-zone Gross Domestic Product showed it is indeed anemic with growth of just 0.1% under the 0.2% estimate. Overall, this has had little to no effect on the currency’s weekly moves.
With trade headlines still the main item to watch for; we foresee a quiet end to the week. Oil prices are on the rise with hopes that OPEC, Russia, and the U.S. see lower inventories to close 2019. Indeed, Canadian Dollar and Mexican Peso have improved as a result.
What to Watch Today…
- No major events scheduled for today.
The complete economic calendar can be found here.
The Euro rose by over half a percent this week as trade developments and doubts over economic growth as well as Fed hiked dampened the greenback’s momentum. With the final reading of GDP being low and markets awaiting word from European Central Bank President Mario Draghi next week, we shall see a Euro that holds steady with a potential for appreciation once it is official that quantitative easing will come to an end for the EU.
Chancellor of the Exchequer, Philip Hammond made statements on Brexit that went largely ignored, but that symbolize the biggest issue for Theresa May’s government: the current deal she has is not negotiable as the EU will not concede any further. Pound Sterling has stayed in limbo this week, but we predict ugly times next week when the vote on the trade deal goes to Parliament on Tuesday.