The US dollar finished off last week in turbulent fashion, making gains following the release of labour data which blew market estimates out of the water. The overall rate of unemployment unexpectedly fell to 6.3% – the lowest level since September 2008 – when a reading of 6.8% had been expected; moreover, the non-farm employment change came out much better than expected, showing the biggest increase in workforce since January 2012. As a result, the US dollar made noticeable gains across the board against all of its most traded partners, however, these gains were short lived as the US dollar weakened off towards the end of the day.
Yesterday we saw services PMI data released, while today will see the release of trade balance figures. The Chairwoman of the Federal Reserve will be speaking tomorrow and investors will pay close attention, hoping for clues regarding future monetary policy. Following on from this, the weekly unemployment claims figures will be released from stateside on Thursday, while Friday closes out the week with more labour data in the form of the job openings. Call your trader now for the latest US dollar rates.
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