Watch out! NFP Comes to Shake the Market

thecekodok

 The US dollar moved flat as investors took a cautious approach ahead of the release of US NFP jobs data.


The US economy is expected to add 169,000 jobs in August, down slightly from the 187,000 recorded in the previous month.


While the unemployment rate is projected to remain unchanged at 3.5% as recorded in July.


Following the NFP, the PMI data from the ISM survey will be published which will be an indicator of the health of the US economy next.


Against most major currencies, the dollar index, which measures the strength of the greenback, traded at 103.55 in the European session.



In addition to data from the US, investors will also be treated to Canada's gross domestic product (GDP) report for June, which is sure to trigger a drastic move in the dollar loonie.


For now, the strengthening in crude oil prices is helping the currency to trade stronger against the US dollar.


Turning to other currency movements, the Aussie and New Zealand dollars traded flat even after China reportedly stepped up support to stimulate its economy.


Meanwhile, the euro and pound were little changed, with prices seen slightly higher ahead of tonight's US NFP data.


Meanwhile, the yen hit a weekly high below 145.50, weighed down by US 10-year bond yields falling to a two-week low.

Tags