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U.S. Dollar Awaits Nonfarm Payrolls

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USD
The Greenback recovered yesterday vs. a basket of major currencies as initial claims for state unemployment benefits declined as much as 25k, to hit their biggest drop since April 2015. The U.S. Nonfarm payrolls could be increased by 175k jobs and the unemployment rate could hold at 4.7% as claims have now been below 300k, the longest since 1970. The U.S. labor market is currently near full employment.

  • The U.S. dollar index (DXY) jumped to 100.60 yesterday, in anticipation of Non-Farm Payrolls.

EUR
Euro declined yesterday as European Central Bank President Mario Draghi said we are confident that our policy is working and that the outlook for the economy is gradually improving. He also added “but even so, we have not yet seen sufficient evidence to materially alter our assessment of the inflation outlook – which remains conditional on a very substantial degree of monetary accommodation. Hence a reassessment of the current monetary policy stance is not warranted at this stage.”

  • The common currency declined to $1.0640 in anticipation of Non-Farm Payrolls as it could settle below $1.060, if everything goes well with Non-Farm Payrolls.

Gold
Gold pared its gains and settled at $1,250, negatively affected by a strong USD and due to a profit taking. The precious metal could decline further to $1,244 in anticipation of Non-Farm Payrolls, which will be released today. However, it could face support ahead of the meeting between leaders of the United States and China.

Oil
Oil prices jumped after the U.S. launched a missile strike on a Syrian government airbase.

The most important economic events:

  • USD Change in Non-farm Payrolls (MAR): (GMT 12:30) - Important – Forecast (180k) – Previous (235k).
  • USD Unemployment Rate (MAR): (GMT 12:30) - Important – Forecast (4.7%) – Previous (4.7%).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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