Traders Pivot to NFP

Currency traders are now looking to U.S. non-farm payrolls data for August, due on Friday, following data that showed U.S. consumer confidence surged to a five-month high in August as the labour market improved and house prices rose.

“The market tone markedly improved as traders adopted a ‘this too shall pass’ attitude,” said Stephen Innes, head of Asia Pacific trading at OANDA in Singapore.

“A boisterous U.S. consumer confidence number, coupled with a much tamer response than anticipated from President Trump may explain part of the reversal.”

U.S. 10-year Treasury yields were at 2.1484 per cent on Wednesday, after touching a 9-1/2-month low of 2.086 per cent on Tuesday.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.35 per cent.

The Globe and Mail via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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