Friday June 3, 2005 - 04:33:44 GMT
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Tricom Futures and Foreign Exchange -
Forex: It's that time of the month again - US Payrolls
The recent USD strength took a breather overnight, as traders took profits ahead of tonight’s US employment data. Given last month’s large jump, I’m looking for a similar result tonight, with a +200k number providing further impetus for the greenback to continue its move higher.
U.S. markets quieted down somewhat on Thursday following a hectic previous day, with stocks up slightly, debt mixed, the dollar and oil down and gold settling at a three-week high. US Stocks closed a bit higher after rallies in the technology, retail and airline sectors offset a report about higher labour costs that sparked fears about inflation and further interest rate increases by the U.S. Federal Reserve.
The U.S. economy continued to add a significant number of new jobs in May, economists believe. The Labour Department will report on non-farm payroll growth and the unemployment rate on Friday at 8:30 a.m. Economists predict, on average, that U.S. payrolls grew by 186,000 in May, close to the average monthly gain over the past six months. Unlike earlier in the expansion when the economy was growing with no net job growth, employment is now a reassuringly strong and steady part of the economy.
Today’s Economic Releases:
· US: Non-Farm Payrolls
· US: ISM Manufacturing
Today’s Top Trades
· Sell AUD/NZD around 1.0770-80, with a stop above 1.0820
For more ideas send me an email, Abdul.Khan@tricom.com.au
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