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Dollar Recovers on Strong Data, Jobs Report Eyed

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USD

The dollar index which measures the greenback against a basket of major currencies recovered earlier session losses and settled flat for the day at 98.37 supported by better-than-expected US data. The ADP reported that the US economy created 195 thousand jobs in August, the ISM Non-manufacturing PMI came in at 56.4, and the factory orders rose by 1.4%. The recently released data eased investors' woes over the US economic activity and lessened the chances of aggressive monetary policy easing by the Federal Reserve. The US 10-year yields spiked to a two-week high of 1.589%, the USDJPY edged higher to a five-week high of 107.23, and the EURUSD surrendered partial gains and dropped to $1.1030. Market participants are looking forward to the August US jobs report and the speech of the Federal Reserve Chairman Jerome Powell in Switzerland about the economic outlook.

Equities

Major US indices extended gains lifted by solid US economic data and reduced trade tensions between China and the United States. The world's largest economies agreed to bring back the negotiations table in early October to solve their trade spats. The Dow Jones Industrial Average futures climbed to a five-week high of 26844, the S&P500 futures rallied to 2979, and the Nasdaq futures advanced to 7886.

Metals

Gold prices plunged as the dollar recovered along with US Treasury yields on strong data. The recent economic data and the planned trade talks between China and the US helped to ease investors' concerns over the economic outlook and bolster their risk appetite. The price of a gold ounce dropped to a two-week low of $1506, the price of a silver ounce declined to $18.20, while palladium hovered around $1550.

Oil

Oil prices retreated from a five-week high despite a drop in crude inventories. The US Energy Information Administration reported that US oil inventories fell by 4.771 million barrels last week, and production dropped to 12.4 million barrels per day from 12.5 prior. The dollar rally weighed on oil price where the West Texas Intermediate crude futures declined from a high of $57.70 to $56.00, and Brent futures fell from a high of $62.40 to $60.63.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EU

GDP (QoQ) (Q2) 

0.2%

0.4%

12:30

US

Nonfarm Payrolls (Aug)

160

164

12:30

US

Unemployment Rate (Aug)

3.7%

3.7%

12:30

US

Average Hourly Earnings (YoY) (YoY) (Aug)

3.1%

3.2%

12:30

CA

Unemployment Rate (Aug)

5.7%

5.7%

12:30

CA

Employment Change (Aug)

18.9

-24.2

14:00

CA

Ivey PMI (Aug)

55.2

54.2

16:30

US

Fed Chair Powell Speaks  

 

 


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