| DAILY FOREX ANALYSIS BY CMC MARKETS |
With Euro rate verdicts out of the way, attention shifts to US payrolls
May 5th - With little direction forthcoming for currency markets through the Asian session, the dollar is continuing to sit not too far from recent lows against most of the majors as traders await non-farm payroll data in a few hours time. There’s very little else of note on the economic calendar today so essentially this stands to determine the mood of currencies as we get to the weekend break and it’s really going to take either a solid jump in employment stats or consensus that the dollar sell-off over the last three weeks has been somewhat overdone if the greenback is to find any significant support now. The figure to look out for seems to be 200,000 and anything notably above this may encourage some to book profits by closing out short dollar positions before the close. However, downside pressures are set to remain given the overriding hawkish tone at yesterday’s ECB meeting and press conference, with a 25 basis point hike at the June meeting now looking pretty much certain. Next week’s FOMC is also worthy of note, but with US rate hikes seen as coming to a close soon, even confirmation that another quarter point will be added here is unlikely to be of that much assistance…
Andy Cottrill and Enis Mehmet
Phone USA: + 1 212 644 4220
Phone UK: + 44 207 170 8201
Fax USA: +1 212 644 4222
Website:
http://www.cmcmarkets.com
Disclaimer: Although obtained from sources believed by us to be reliable, CMC Markets and its affiliates cannot guarantee the accuracy or completeness of the information upon which this commentary is based. This commentary does not purport to disclose the risks or benefits or entering into particular transactions and should not be construed as advice in any specific instance. The views in this report constitute our judgement as of this date and are subject to change without notice.
Fx-charts.com Disclaimer: The information contained on this website is subject to change without notice, views and opinions expressed on fx-charts.com may be those of individual authors and may not necessarily be the views of fx-charts.com or its officers and employees, we make no claim to the accuracy or timeliness of any information contained herein. We recommend obtaining advice from a suitably qualified financial advisor before entering into any financial transactions or agreements. The use of this website constitutes acceptance of our privacy policy, disclaimer and terms of use. This website is available for information and educational purposes only.
