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FOREX: USD left guessing as data sends mixed messages
-The USD fell victim to a series of mixed signals, with a particularly strong
Nonfarm Payrolls report followed by a disappointing ISM manufacturing survey.
The nonfarm payrolls headline beat expectations and if strike action and census
seasonal hiring effects were excluded, the underlying figure was particularly
firm. The greenback responded by breaking higher, but the lower-than-forecast
ISM manufacturing headline put paid to any USD strength, keeping the USD index
close to multi-month lows.
-UK manufacturing PMI was the only other data release of note, which edged above
expectations, but not considerably so.
-Buoyant equity markets helped prop up risk appetite into the close, with a new
alltime high in S&P futures putting CHF and JPY under pressure. NOK sat at the
other end of the table, with a stellar October manufacturing PMI in Norway
dragging USD/NOK further from near 20-year highs.
-Next week, the RBA and BoE rate decisions, US non-manufacturing ISM and prelim
Uni. of Michigan data are due as well as the Canadian jobs report.