InstaForex - Analytics

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    Global macro overview for 05/10/2015

    Global macro outlook for 05/10/2015:

    Weaker-than-expected data from the US labor market published last Friday ( 142k vs. 202k) and downward revision of the August data depressed the US dollar. After an initial rally, the market returned to pre-NFP levels. Moreover, weakly US figures might weight on the Fed that did not cut the rates in September and possibly will not cut rates in December as well. The data - depended members of the Fed committee are likely to prefer to wait a little longer to seebetter improvement in the labor sector.

    The US dollar index technical picture did not change much: after the initial rally up, the market wasn't strong enough to breakout above the bunch of moving averages around the level of 96.50. Currently, it is trading slightly below 96. The next support is seen at 95.21.

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