- February 2, 2018
- Posted by: Joey Benedid
- Category: Market News
The U.S. dollar is mixed ahead of this morning’s non-farm payroll data as GBP, EUR & CHF maintain recent strength while JPY, AUD & CAD have weakened off from yesterday’s closing levels. U.S. numbers are garnering more attention as we move towards the next FOMC meeting in March (as this week’s meeting was a lame duck session) and a possible rate hike taking shape. While the USD has been under pressure since late last year it has been more a case of profit taking than fundamentals.
USD/CAD is maintaining a tight range with 1.2250 holding firm and 1.2400 likely to cap any push higher until we get Canadian employment data out next Friday. As NAFTA has drifted into the periphery & no significant Canadian numbers out for a week we will follow general U.S. dollar sentiment with an eye on the range mentioned above.