The spotlight last week was on non-farm employment change data on Friday, which turned out to be much lower than expected – in fact, showing the lowest figure since April this year. This caused the US dollar to weaken against the majority of its peers. Average hourly earnings also dropped against the expected figure, in line with reports of personal income dropping earlier in the week.
We can look forward to another busy week for the US dollar, with various US Federal Reserve members speaking up on the focus of the week, which will be the US Federal Reserve minutes on Thursday. It will be interesting to gauge members’ views on an interest rate hike this year, with notable members being quite split on when would be a good time to start to raise rates. In terms of data, Monday sees the ISM Non-Manufacturing Purchasing Managers’ Index (PMI), which is expected to show continued growth, with the weekly unemployment claims on Thursday expecting to portray a stable figure.