Week in FX Americas – USD Momentum to Continue?

A surprisingly strong NFP has the put the Democrats in a buoyant mood ahead of next weeks US Presidential race showdown. Loudly, they have seized on the pickup in hiring in the US economy, days before polling. Romney and his Republicans continue to flaunt the high unemployment rate as proof for President Obamas dismissal. At +7.9%, the current rate is just a tick higher than when the President was sworn into office three-years ago.

With less than a week to go, many voters’ decisions may already be made. However, this has not stopped both US political parties from rhetoric dueling over the economy in a week that has been dominated by frankenstorm Sandy. Imagine where the US would be if both parties had agreed to cooperate in helping pass legislation aiming to promote jobs when needed?

Next week is all about following the ‘Big Dollar.’ Positioning momentum and weaker Euro data is giving the greenback an end of week leg up. Will this trend continue into the new week?

WEEK AHEAD

  • USD ISM Non-Manufacutring Composite
  • AUD Reserve Bank of Australia Rate Decision
  • EUR Euro-Zone Producer Price Index (YoY)
  • AUD Employment Change
  • GBP BOE Asset Purchase Target
  • GBP Bank of England Rate Decision
  • EUR European Central Bank Rate Decision
  • EUR German CPI
  • USD U. of Michigan Confidence

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.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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