Charts for next week.
US Dollar retreated after posting solid gains in recent weeks.
Nonfarm Payrolls increased by 12,000 in October, falling short of market expectations.
Markets remain almost fully pricing in a 25 bps cut by the Fed next week.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rebounded intraday despite the weak jobs data as annual wage inflation rose to 4%, indicating that inflationary pressures remain elevated. In the meantime, markets remain almost fully expecting a 25 basis-point-cut by the Federal Reserve (Fed) next week. On the data front, ISM PMIs also came in mixed from September.
The DXY continues to trade sideways near 104.00. Despite persistent inflation, weak job growth data raises expectations of a less hawkish Fed stance, which might start to weaken the USD.
Nonfarm Payrolls increased by 12,000 in October, falling short of market expectations.
Markets remain almost fully pricing in a 25 bps cut by the Fed next week.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rebounded intraday despite the weak jobs data as annual wage inflation rose to 4%, indicating that inflationary pressures remain elevated. In the meantime, markets remain almost fully expecting a 25 basis-point-cut by the Federal Reserve (Fed) next week. On the data front, ISM PMIs also came in mixed from September.
The DXY continues to trade sideways near 104.00. Despite persistent inflation, weak job growth data raises expectations of a less hawkish Fed stance, which might start to weaken the USD.
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