US Dollar takes a breather after what looks like a second week in decline so far this morning. Up to the time of writing the DXY, and index of the value of the USD in relation to a basket of foreign currencies, is in negative territory after shedding around 1.39% from the previous week’s open of 98.62 – we are curently at 97.34.
Of course its to early to call it a day as we move into a high impact data event later this afternoon. US Nonfarm payrolls are expected to show that the US economy has created 175k jobs throughout the month of October. US unemployment rate is expected to slip lower to 4.9% from a current 5.0%. Actual data scheduled for 1330CET today.
However despite that a strong NFP may ramp up hope for a December hike, and that would support the USD, 8th November elections are too close and any headlines in that respect could likely swing USD mood.
EURUSD is currently at 1.1092 finding resistance at the 50 & 100 DMAs, USDJPY is at 103.21 is similarly finding support at the 50 & 100DMA convergence around 102.80.
Later today we have US unemployment rate and NFP, but we also have Canadian Unemployment rate in the afternoon as well.
