Dollar drifts down as investors eye payrolls and a busy week ahead
The dollar headed for its worst week since October on Friday, dragged down by nervousness on trade and hints of weakness in the U.S. economy, with domestic factors leaving the resurgent kiwi and British pound the main beneficiaries.
The safe haven of the Japanese yen and Swiss franc were also in demand as investors fretted that U.S. jobs figures due later in the day may fall short and braced for a week that brings a British election, a U.S. Fed meeting and likely news on trade.
“There is a lot of event risk to navigate,” said Richard Franulovich, head of FX strategy at Westpac in Sydney.
“I stand to be corrected here, but I think that next week could possibly be the most consequential week for global markets this year.”
Movements on Friday were accordingly slight in Asian trade, but against a basket of currencies the dollar has dropped every day this week for a cumulative loss of almost 1%.
U.S. President Donald Trump remained upbeat overnight on trade and said talks are “moving right along”.
Markets are unconvinced, with worries stemming from a lack of similar enthusiasm from China.
Chinese officials reiterated their stance that some U.S. tariffs must be rolled back for a deal, something Washington has given no sign of doing.
The focus on U.S. non-farm payrolls, due at 1330 GMT, comes after dismal data through the week showed weak private payrolls, soft services activity and a shrinking manufacturing sector.
A Reuters poll shows a forecast of 180,000 jobs being added in November, and a miss might have the Fed reconsidering its wait-and-see mode when the committee meets on Tuesday and Wednesday.
“Markets are in a highly fragile condition at the moment,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
“So there is a greater potential for an exaggerated move if we see a big divergence from expectations,” he said. “The risk is in both directions … below 150,000 or above 210,000 we could see a significant market reaction.”
Dollar weakness, sterling strength
This week the greenback has shed 0.8% against the euro, to sit at $1.1106 per euro on Friday. The yen has also firmed by the same margin, last trading at 108.68 per dollar.
The best gains have been won by the soaring kiwi and pound.
The kiwi sat just below a four-month high touched on Thursday at $0.6559, having gained 2% this week as economic indicators have turned positive, reducing the likelihood of monetary easing in February to just 13%.
Sterling climbed to a 2-1/2 year high of 84.28 pence against the euro overnight and has advanced 1.7% against the dollar this week, last trading at $1.3154.
Opinion polls suggest the ruling Conservatives will win an outright majority in the Dec. 12 election, removing some of the uncertainty around Britain’s exit from the European Union that has weighed on the currency for years.
Cable has rallied 10% since September lows.
“There’s still a bit of nervousness about being too convinced,” said Jim Leaviss, head of fixed income at fund manager M&G Investments. “But nevertheless cable seems to think that we do get a clear majority for Boris Johnson,” he said.
“That means that we leave the EU on the 31st of January … I think the options market was pricing in another 7% upside on a Conservative victory, and I think that’s justified fundamentally.”
Source: CNBC
Comments (90)
azithromycin drugs zithromax instructions zithromax pfizer
how to make hydroxychloroquine at home
plaquenil price plaquenil generic name hydroxychlorequine
chloroquine
what is provigil modafinil reddit
https://prednisoloneacetateophthalmic.com/ prednisone tablets
order modafinil modafinil generic
what is sulfamethoxazole co trimoxazole ds
modafinil alcohol modafinil weight loss
does prednisone raise blood pressure prednisone warnings
modafinil moa provigil vs modafinil
modalert modafinil mechanism of action
bactrim antibiotic Trimethoprim side effects
hydroxychloroquine what is it https://plaquenilx.com/# hydroxychlor tab 200mg
sildenafil uk pharmacy https://www.pharmaceptica.com/
accutane for acne accutane medication
modalert 200 reddit what is provigil
side effects of bactrim ds trimethoprim mechanism of action
provigil prescription how to get modafinil prescription
provigil for sale modafinil vs adderall
prednisolona prednisolone for dogs
Trimethoprim 100mg trimoxazole tablet uses in hindi
accutane medication buy isotretinoine
drug sulfamethoxazole trimoxazole tablet uses
chloroquine phosphate aralen
https://hydrochloroquinefil.com/ can you buy hydroxychloroquine over the counter
generic cialis tadalafil generic tadalafil from uk
gate.io withdrawal
gate.io withdrawal
If side effects occur, they may adjust, delay, or stop your treatment ocular side effects of tamoxifen
Tonsillitis medication hctz vs lasix
propecia shampoo Un estudio reciente publicado en la revista Circulation comparГі Pradaxa con un
Thus, the balance between benefits and harms may be different for chemoprevention than for treatment cheap generic cialis
what if viagra doesnt work When is the best time to take doxycycline hyclate orally
Monitor Closely 1 clemastine and hydroxyzine both increase sedation buy liquid cialis online Due to these studies, chemoprevention is not used to prevent prostate cancer
5 The frequency and severity of symptoms in these patients may be decreased through intentional oral fluid consumption, where appropriate buy ivermectin tablets online According to the rain, you should keep a slightly longer safe distance from the vehicle in front
clomid men Transitions between frailty, prefrailty, and nonfrail states occur
The company, which was listed on theAustrian stock exchange from 1998 to 2003, posted sales of 292million euros in 2012 and employs 1100 people, according to thecompany azithromycin 250mg canada
viagra for women over the counter age 35 versus
Copyright 2021 Wan Yong Ho et al finpecia usa
Last Update January 10, 2020 can you crush lasix
Liam KmNCeBkBGI 6 26 2022 where to buy clomid trusted site The cells were cultured in Dulbecco s modified Eagle s medium DMEM; Mediatech, Manassas, VA supplemented with 15 ES grade fetal bovine serum Sigma Aldrich, St
Concomitant use could result in life threatening serotonin syndrome buy cialis online europe Distribution analysis of measured gene transcript levels was performed using Shapiro Wilk test and inferential statistical analysis of results was carried out using paired two tailed t test and bivariate linear regression analysis
online cialis Treeck O, Diedrich K, Ortmann O
Although a direct cause could not be proven, she had already used escitalopram without incident for over 1 year and developed serotonin toxicity only after the addition of G buy online cialis Gouyon JB, Kibleur Y
What is the price of Accutane if it is 20 milligrams? https://isotretinoinex.website/
accutane canada cost accutane coupon accutane pharmacy online
can you still buy accutane accutane pill
What is the recommended daily dosage for Accutane in Singapore? https://isotretinoinex.website/
Is there a specific treatment duration recommended for a 100 milligram dosage of Accutane? https://isotretinoinex.website/
Are there any restrictions or precautions when using a 100 milligram dosage of Accutane? https://isotretinoinex.website/
Looking for Accutane RX? Visit Accutane RX for reliable information.
Is Accutane available in a 120 mg dosage? https://isotretinoinex.website/
Find out where to buy accutane 40 mg in india at accutane 40 mg price in india.
accutane cost uk buy generic accutane uk
Looking for accutane cream online at affordable prices? Our website offers competitive deals.
Can Accutane be used to treat acne scars? https://isotretinoinex.website/
accutane prescription online accutane purchase order accutane now
Looking for information about accutane singapore cost? Check out accutane singapore cost for resources.
What is the recommended daily dosage for 50mg Accutane? https://isotretinoinex.website/
generic accutane online accutane 30 mg coupon accutane without a prescription
Searching for reliable medication? Check out our online store and order now! accutane medicine.
Curious about the cost of accutane medication? Find all the details at price of accutane.
Is 90 mg of Accutane considered a high dosage for acne treatment? https://isotretinoinex.website/
Searching for online accutane available? Visit accutane online for excellent options.
Unsure where to find accutane? Explore where to buy accutane for affordable prices.
accutane online australia price of accutane purchase generic accutane
purchase accutane generic isotretinoin for acne
buy antivert without prescription
antivert 25mg generic
antivert 25mg oral
antivert brand
meclizine pill
order antivert generic
meclizine order
antivert price
antivert 25 mg us
order meclizine 25 mg generic
purchase antivert sale
purchase antivert
meclizine 25 mg pill
antivert pill
oral antivert
antivert 25mg uk
antivert 25 mg canada
order generic meclizine 25mg
order antivert sale
order antivert 25mg pills
buy meclizine 25mg online
purchase antivert without prescription