By Jay and Julie Hawk of www.TheFXperts.com
The U.S. Dollar Index (DXY) was slightly lower after slow holiday trading today, and currently lies at the 96.54 level, down just -0.13% on the day. Elsewhere, the Japanese Yen rallied on risk aversion and rising JGB yields, while the Canadian Dollar gained from firmness in WTI crude oil, which presently holds above the $45 handle.
With the exception of UK Manufacturing PMI, which beat the consensus by coming out at 54.2 versus the 52.5 expected, no significant economic releases have been out so far this week due to the New Year’s bank holiday. Looking ahead, Thursday’s highlights include U.S. ADP Non-Farm Employment Change (179K expected) and U.S. ISM Manufacturing PMI (57.7 expected).
The week ends with a bang as U.S. Non-Farm Payrolls (178K), Average Hourly Earnings (+0.3%) and the Unemployment Rate (3.7%) will all be released. Also out will be the Canadian Employment Change (+6.8K), the Unemployment Rate (5.7%) and the RMPI (last -2.4%). Fed Chair Jerome Powell will also speak on Friday.
TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.Visit TheFXperts’ official website at www.TheFXperts.com. You can also view and purchase Jay and Julie Hawk’s six financial books at Jay’s Amazon author page here: amazon.com/author/Jayhawk