Morning Preview: US Jobs Are Now Front and Center
Rowan Crosby • 1 min read
To say it was a wild trading session might be an understatement. Everyone was watching the BOE for their rate rise and that played out as expected. However, the dovish comments that came along with them weren’t all that expected.
The BOE are looking at ‘gently’ raising rates, which the market didn’t seem to like much. As a result, the GBP fell and the chart looked a lot like they didn’t hike at all.
At the same time US President Trump has announced, Jerome Powell to take control of the Federal Reserve. Shain has more about the story here.
The US dollar was a little weaker against the majors (except the GBP), however, it’s still in that same band that it’s been trading in recently. I’m still bullish on the USD and expect it to break out above 95.00.
Tonights US jobs number will be critical. If we get a good number, chances of a rate rise increase and that means the USD will strengthen. It’s an important number given the Fed want to hike in December.
US Dollar Index – 240 min Chart.
Top Events Today
AUD – Retail Sales
USD – Employment