Free Trial

USD is in the green ahead of the NFP

FOREX
  • The Dollar trades in the green ahead of the US data, some of the move lower in Equities, has underpinned the USD.
  • Desk are also likely positioning, but low turnovers, suggest that most market participants are on the sideline.
  • The British Pound, saw early initial buying interest, and led against the Yen, but was still well short of pre BoE levels.
  • Similar story against the EUR, would need the latter to drift back towards 0.8359, for pre BoE level.
  • Closest cross was Cable, after making an attempt yesterday afternoon, it failed at 1.2175, today printed a 1.2169 high.
  • Cable was trading circa 1.2193 pre BoE.
  • The Pound has since given back some of its gains, mostly a function of the USD, but also some suggestion of a fix trade (seller) earlier.
  • The Pound is now mixed versus G10s.
  • Looking ahead, US NFP's range is 50k to 325k.
  • Median is 250k, whisper is 226k.
  • The 10 top ranked Bloomberg Economists surveyed, have a range of 180k to 280k.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.