Market Wrap;
Hey y'all. I hope y'all had a nice trading week. My definition of "nice" is; learning new stuff to improve your trading business and experiencing wealth growth. Anyway, following a worse than expected employment data and a bearish-looking dollar, it's obvious that traders are more concerned about employment than unemployment, although, diverging unemployment data did generate mixed signals across all U.S. markets. Unemployment decreased to 4.3%, beating expectations by 0.1%, while employment for the month of may turned out to be 43k less than expected, causing the dollar to fall by 0.55% and pretty much against all its major G10 counterparts, falling 0.63% against the EURO, 0.91% against the AUD, 0.09% against the GBP, 1.12% against the NZD, 0.93% against the CHF, 0.23% against the CAD and 0.88% against the JPY.
The NZD turned out to be the best performer against the U.S. dollar while the GBP was the worst performer.
The way forward;
Although the dollar suffered this week, the probability of a rate hike on the 14th of this month is only 2% down from previous 89%. Here's what Janus Henderson Fund Manager, Bill Gross had to say about it;
https://www.bloomberg.com/news/videos/2017-06-02/gross-still-sees-june-fed-rate-hike-on-jobs-data-video
Enjoy trading!
Hey y'all. I hope y'all had a nice trading week. My definition of "nice" is; learning new stuff to improve your trading business and experiencing wealth growth. Anyway, following a worse than expected employment data and a bearish-looking dollar, it's obvious that traders are more concerned about employment than unemployment, although, diverging unemployment data did generate mixed signals across all U.S. markets. Unemployment decreased to 4.3%, beating expectations by 0.1%, while employment for the month of may turned out to be 43k less than expected, causing the dollar to fall by 0.55% and pretty much against all its major G10 counterparts, falling 0.63% against the EURO, 0.91% against the AUD, 0.09% against the GBP, 1.12% against the NZD, 0.93% against the CHF, 0.23% against the CAD and 0.88% against the JPY.
The NZD turned out to be the best performer against the U.S. dollar while the GBP was the worst performer.
The way forward;
Although the dollar suffered this week, the probability of a rate hike on the 14th of this month is only 2% down from previous 89%. Here's what Janus Henderson Fund Manager, Bill Gross had to say about it;
https://www.bloomberg.com/news/videos/2017-06-02/gross-still-sees-june-fed-rate-hike-on-jobs-data-video
Enjoy trading!