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5 Jul 2013
Flash: US DXY on track for 84.00/50 – Westpac
FXstreet.com (New York) - According to Sean Callow, a Global FX Strategist at Westpac, “Friday brings the much-anticipated June nonfarm payrolls and employment data, followed by the usual data vacuum.”
The FOMC minutes for the June meeting are released on Wednesday Fed chairman Bernanke will also be speaking at an economics conference on Wednesday.
Payrolls are a lottery as ever but we suspect USD bulls will hold firm to the Fed ‘tapering’ theme at least until Bernanke’s semi-annual on 18 Jul. Both the US data pulse and surprise index confirm the breadth of the recent data improvement. “The Fed outlook is a clear contrast to that of the currencies in DXY, which should keep it on track for 84.00/50, at which point fresh fuel may be needed.” Callow adds.
The FOMC minutes for the June meeting are released on Wednesday Fed chairman Bernanke will also be speaking at an economics conference on Wednesday.
Payrolls are a lottery as ever but we suspect USD bulls will hold firm to the Fed ‘tapering’ theme at least until Bernanke’s semi-annual on 18 Jul. Both the US data pulse and surprise index confirm the breadth of the recent data improvement. “The Fed outlook is a clear contrast to that of the currencies in DXY, which should keep it on track for 84.00/50, at which point fresh fuel may be needed.” Callow adds.