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The dollar index could really do with a strong payroll report
The dollar index (USDX) has not managed to make any lasting headway so far today. The close below 103 last night was not positive and the price action so far today suggests little appetite to push back above that level. The range seen so far has been covered by 102.72 to 102.90. It is kind of almost in the middle of that leading into these jobs numbers and quite clearly it could benefit from a really strong number there, because right now the knives are out for the US currency, especially versus the Yen. I have no call on what this US jobs report will hold and so would prefer to see what we get. Anything that sends US yields lower again is not going to be greeted well this afternoon by the dollar. As I said here earlier today; it looks like it is going to need a really strong payroll and wages report to counter the dovish comments from the Fed boss yesterday.
Market News
All News-
Nasdaq 100 slides below 18,500
Well, so much for the higher opening for the Nasdaq 100 earlier this afternoon. The push back above 18,900 looks some way off now, as the index... -
Now risk aversion takes hold of the USD/JPY as US yields fall back again
Well, you were warned about the price action likely to be seen in the USD/JPY this afternoon and it sure is volatile and since the last update noted... -
US stocks slide further into the red- S+P 500 falls below 5,450
As just mentioned in the previous update, the US stock markets have turned sharply lower since opening this afternoon. Hence we now have a fresh...
