Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.
Kathy has a Bachelors degree in Finance from New York University. Kathy has written for Stocks and Commodities, CBS Market Watch, ActiveTrader, Futures and SFO Magazine. She is frequently quoted on Bloomberg and Reuters and has taught seminars across the country. She has also hosted trader chats on EliteTrader, eSignal, and FXStreet, sharing her expertise in both technical and fundamental analysis.
On a quiet day with no US economic releases on the calendar, the US dollar gave back some of yesterday’s gains ahead of a potentially weaker trade balance report.
The much awaited non-farm payrolls report for the month of June was a big disappointment and did little to clear the air on whether the Federal Reserve could potentially raise interest rates again in August.
Non-Farm payrolls for the month of June increased by 121k with a 18k upward revision for the month of May. Analysts have been too optimistic and proven wrong once again.
The US dollar has given back some of its gains as we head into Friday’s non-farm payrolls release. The strong ADP employment forecast from yesterday had many traders believing that we would see exceptionally strong job growth in the month of June.
After two months of disappointments, the market is once again aiming high for this Friday’s non-farm payrolls report. The current forecast is for companies to have added 160,000 new jobs in the month of June.
The markets here in the US are closed for Independence Day. Unsurprisingly, trading has been excruciatingly quiet. The only currency that is seeing any significant movement is the Canadian dollar, which is rallying on the back of increasing pressure on commodity prices.
On a day when we had mostly stronger economic data from the around the world, the disappointments in this morning’s US economic releases have only confirmed the overall dollar bearish tone in the markets.
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