Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Greenback soars ahead of NFP report
On Friday, the evergreen buck soared versus other key currencies, reviving from the previous session’s losses because traders wait for the highly-anticipated American employment report due later in the day for further clues on the strength of the US job market.
The greenback went down after on Thursday payrolls processor ADP reported that American private employers generated up to 158,000 jobs in June, which is below economists' expectations.
According to a separate report, the previous week initial jobless claims suddenly grew by 4,000 to 248,000.
The data emerged after Wednesday’s minutes of the Fed’s June gathering demonstrated a lack of consensus among Fed policymakers as for the outlook for inflation and how it could affect the future pace of interest rate lifts.
At its June meeting the Fed lifted rates and hinted at one more rate lift in 2017 and also three next year, although the subdued inflation outlook has since driven doubts over whether the major US bank will be able to keep to its tightening path or not.
The currency pair EUR/USD dipped 0.09%, hitting 1.1413.
The currency pair USD/JPY jumped 0.46%, trading at 113.74, which is the highest outcome since May 16.
Similar
USD is waiting for the jobless claims!
The US unemployment claims are announced on Thursday at 15:30 MT time.
Will the Australian Monetary Policy Meeting minutes support the AUD?
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
Latest news
Big day for USD
The US NFP will be published on August 7 at 15:30 MT time.
Main market movements on August 6
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
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