020 7898 0500It was an interesting close to last week for the dollar, with weak inflation data adding to the interest rate debacle, yet again clouding investor’s judgement towards further changes in monetary policy. Conflicting PMI data then helped steady the dollar and led to the largest weekly rise we’ve seen this year.
It is a busy week for the US beginning with today’s manufacturing PMI. On Wednesday, the employment change data is released, followed by non-manufacturing PMI – this is expected to drop slightly, suggesting an overall slowdown for the third quarter. Thursday sees the balance of trade report, but Friday is the all-important day as US non-farm payrolls are released. They are forecasted to edge higher by 98,000 compared to the average growth of 185,000 over the last three months.
The data is of particular interest owing to the erratic weather conditions we have seen in the US throughout September.
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