US dollar has continued to fall after poor US Job figures.
The US Dollar (USD) is falling, extending its downward trend that began on Friday. The poor US jobs report demonstrates that the US economy is stalling, while mortgage, loan, and credit card delinquencies are skyrocketing. Several traders are beginning to profit from their long USD strategy, indicating that selling pressure is taking control.
In terms of economic data, the week ahead will be quite quiet, with few surprises. The pivotal or main points. If we have to pick one, the best possibilities are jobless figures on Thursday, which might either confirm or refute the unexpected rise in the unemployment rate reported in the US jobs report on Friday. Overall, a quiet start to the week with no noteworthy data points.
Daily summary: US Dollar positioning is reduced
Headlines are circulating about Israeli army encircling Gaza City and Egypt finally opening its doors to refugees.
The Ukraine-Russia war is at a standstill, with little progress on either front. It appears that conversations are taking place in this context, as no group can claim victory.
The US Treasury is releasing debt to the marketplace. This Monday, a 3-month and 6-month Bill auction will be held near 16:30 GMT.
The Loan Officer Survey will be released later on Monday, at 19:00 GMT.
The US Dollar Index is hunting for support and may need to fall another 1% at the very least.
Asian shares are rising, with all regional indices up more than 1%. European futures are flat and seeking for signals, but US equity futures are unmoved.
According to the CME Group’s FedWatch Tool, markets are pricing in a 90.2% possibility that the Federal Reserve will hold interest rates steady at its December meeting.
The benchmark 10-year US Treasury yield is currently trading at 4.59%, having fallen further since peaking above 5% a few weeks ago.
