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Dollar steady on positive US jobs report

Dollar steady on positive US jobs report

The argument against another Fed interest rate cut was slightly boosted on Friday afternoon after the United States added a solid 164,000 jobs to its economy last month.

With unemployment near a 50-year low at 3.7% and average earnings edging up to 3.2% from 3.1% year-on-year, the US economy remains a better position in comparison to everyone else. However, job gains for the two previous months were revised downwards by a total of 41,000.

Today’s jobs report is unlikely to impact the Federal Reserve’s monetary policy path and this sentiment was reflected in the Dollar’s muted reaction. While economic data from the United States will influence rate cut speculation, the driving factor behind future monetary easing will revolve around US-China trade developments.

Taking a look at the technical picture, the Dollar Index is hovering around 98.30 as of writing. A weekly close below 98.00 could trigger a move back towards 97.50 in the week ahead.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


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