The January Non-Farm Payroll report will be released tomorrow at 8:30 EST (13:30 GMT) with expectations centered on a headline print of 192k after last month’s stellar 292k reading. My model suggests that the report could miss even these subdued expectations, with leading indicators suggesting a January headline NFP reading of 160K.
While the gold-backed ETP holdings have dropped 10 metric tons this week and 800 metric tons to 1,831 metric tons on Dec. 4, the number of short gold contracts by managed money is also approaching the high reached on July 9.
Remember that the New Zealand dollar is highly sensitive to the commodity markets in general, and because of that trader should be a bit hesitant to get overly involved in this market between now and Friday.
The Dollar Index climbed to the highest level since 2010 after U.S. employers added more jobs than forecast in June, fueling bets the Federal Reserve will begin slowing unprecedented monetary stimulus.
Forex markets were taken by surprise that the U.S. economy only created 88,000 jobs in March while a poll of analysts anticipated a number closer to 190,000. The U.S. dollar quickly sold-off, but could that be reversed quite soon?