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Following an optimistic US Nonfarm Payroll data, the greenback rose towards the close of the week, completing it with advances against most main rivals. In July, the US added 943K new jobs, while the unemployment rate fell to 5.4 percent, both of which exceeded market estimates. The unemployment rate fell to 9.2%, while the participation rate rose to 61.7 percent. The better-than-expected employment data has reignited talk that the Federal Reserve would have to toughen its monetary policy sooner than predicted.
As optimism eclipsed the possibility of tighter monetary policy in the United States, Wall Street finished with increases as US government bond yields held steady. The yield on a ten-year US Treasury note reached a 1.30% new high.
This week will be filled with speculation as to whether this is significant enough further progress to warrant the announcement of a tapper at the Jackson Hole symposium in late August.
In addition, the RBA and the Bank of England met last week. The two central banks appear to be on separate paths and the RBA is poised to cut despite the rise in coronavirus cases. The Bank of England is preparing markets for rate hikes in the future as coronavirus cases decline. CBRT and Banxico will meet this week: monetary policy in emerging markets may be slightly different. Also tracked will be UK Q2 GDP, Australian employment, and US inflation!
Post NFP, the Dollar Remains Strong on EURUSD
The EUR/USD pair formed another series of sine waves on the chart in the first week of August, falling by the same proportion that it rose in the last week of July. The intensity for the week’s trends was set by data from the US labor market. Throughout the first half of the week, the pair traded in a sideways range of 1.1850-1.1900 in optimism. On Wednesday, August 4, the bears attempted to breach the lower barrier.
Nevertheless, following the release of poor ADP private-sector employment data, the pair backtracked and sought a breakthrough of the channel’s upper limit. Nevertheless, the bulls’ latest attempt flopped. The cause for this was the unprecedented expansion of economic activity in the US services sector.
The EUR/USD could close at its lowest level since November weekly. The price is currently testing the 1.1750/55 support level, and a breach below that level will add more bearish pressure. In response to the record NFP data, the US Dollar Index (DXY), which gauges the greenback’s progress against a basket of currencies, soared to one-and-a-half-week highs, surpassing the mid-92.00s.
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