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USD Edges Higher For Third Consecutive Session Following NFP

  • Despite the sharp moves seen in equity indices and oil prices, currencies traded in a less volatile manner on Friday after the greenback was given a firm boost following the release of September jobs data for the US.
  • The USD Index (+0.28%) looks set to post a positive week after rising for a third successive session amid surging US yields on the back of the employment report.
  • With risk sentiment under significant pressure, GBP (-0.62%) and NZD (0.80%) were the weakest performers, however, losses/ranges were more contained compared to prior sessions this week.
  • EURUSD has faded further off the bear channel top throughout Friday trade, erasing the entirety of the mid-week rally and briefly trading below the Sep 30 low of 0.9735.
  • A significant 4% extension of the rally in crude futures underpinned CAD and NOK outperformance as general bullish sentiment after the OPEC+ cut this week was reinforced.
  • Worth noting that Japanese markets will be closed on Monday owing to observance of the Health Sports Day national holiday. Additionally, US Columbus Day and Canada Thanksgiving Holiday may see a relatively quiet start to next week.
  • Wednesday will see the release of the FOMC minutes before Thursday’s important release of US CPI for September.

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