I still think that the Friday's Employment Report is the most important data for the week. The ADP Employment Change is ahead which is considered as an early estimate for the official report.
It would be easier to sell dollar if today's better-than-expected Consumer Confidence didn't affect the market so positively. Crude oil dropped almost 3 $/b when euro depreciate one percent against the greenback.
Should oil drop below 120 it would be very supportive to the dollar. It may happen if the Petroleum Status report shows another increase tomorrow. However I see that price unlikely.
So I just wait until technical data suggest that the balance is going to change against the dollar and then there would be options for taking position.
It would be easier to sell dollar if today's better-than-expected Consumer Confidence didn't affect the market so positively. Crude oil dropped almost 3 $/b when euro depreciate one percent against the greenback.
Should oil drop below 120 it would be very supportive to the dollar. It may happen if the Petroleum Status report shows another increase tomorrow. However I see that price unlikely.
So I just wait until technical data suggest that the balance is going to change against the dollar and then there would be options for taking position.
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US stock Indexes climbed more than 2 percent through the day in response to an unexpected increase in Consumer Confidence and sharp drop in oil price.
ReplyDeleteADP showed that the economy added 9k jobs when it was expected to lose 53k. Stock markets reacted positively to the report and dollar appreciated against its counterparts.
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