Economics
The US dollar edges lower
The US dollar index edged 0.10% lower overnight with EUR/USD edging lower, but GBP/USD outperforming on Eurozone trade hopes, and USD/JPY giving back some recent gains. With plenty of heavyweight US data to come, as well as the possibility of a new fiscal stimulus package from Washington DC, the best of the US dollar rally […]
The US dollar index edged 0.10% lower overnight with EUR/USD edging lower, but GBP/USD outperforming on Eurozone trade hopes, and USD/JPY giving back some recent gains. With plenty of heavyweight US data to come, as well as the possibility of a new fiscal stimulus package from Washington DC, the best of the US dollar rally may now be behind us.
The narrow ranges seen overnight have left the G-10 space in range-trading mode versus the greenback. With China away, Asian currency trading has been muted, and we expect that tone to prevail for the remainder of the session.
There are a host of releases out of the US on Thursday, including personal consumption expenditure, initial and continuing jobless claims, as well as the ISM Manufacturing PMI. Unemployment claims, which are released on a weekly basis, are expected to remain steady around 850,000 and 12.6 million respectively. On the manufacturing front, the ISM Manufacturing PMI is projected to hold steady 56.0, comfortably in expansionary territory. The data will suggest that the US recovery remains on track, although gains may be stalling.
Investors eye fiscal package talks, Nonfarm Payrolls
The massive fiscal stimulus package remains stuck in Congress, but there are hopes that the talks between US Treasury Secretary Mnuchin and Nancy Pelosi will lead to an announcement of a deal.
Another release that could affect the movement of the US dollar is the release of Nonfarm Payrolls on Friday. ADP Nonfarm Payrolls was much stronger than expected, as the reading of 749 thousand beat the estimate of 650 thousand, and was much higher than the previous reading of 428 thousand. Will the official Nonfarm Payrolls release follow suit and beat the forecast of 900 thousand new jobs? If so, it would point to allay concerns about the health of the US labor market and would likely give a boost to the US dollar.

What’s Driving Emerging Markets’ Sharp Slowdown in 2023 GDP Growth?
How have spillovers from the recent bank failures impacted emerging markets [EMs]? What’s driving EM’s sharp slowdown in 2023 GDP growth rates? Satyam…
The Everything Bubble And Global Bankruptcy
The Everything Bubble And Global Bankruptcy
Authored by Charles Hugh Smith via OfTwoMinds blog,
The resulting erosion of collateral will…
Trudeau Looks to Fight Cost of Living Crisis with ‘Grocery Rebate’
A senior government official told CBC News that the federal budget that will be unveiled on Tuesday will include a
The post Trudeau Looks to Fight Cost…
-
Precious Metals11 hours ago
“It’s Getting Real”: Unease Over Banking Sector Turmoil Spurs Huge Demand For Physical Precious Metals
-
Financing News12 hours ago
Canada Carbon Receives Complete Results on its Asbury Property with Interpretations that Include 5.00%Cg over 33.35m.
-
Drilling News11 hours ago
Bonterra Intersects 34.7 g/t Au over 2.4 m at the Barry Underground Project and Provides an Update on the Duke Property Joint Venture Drill Program
-
Financing News13 hours ago
QC Copper Announces Private Placement with Quebec Funds
-
Financing News12 hours ago
Copper Lake Resources Announces Warrant Extension
-
Uncategorized22 hours ago
Weekly Market Pulse: Perspective
-
Financing News10 hours ago
Gold’n Futures Reports Update on Its Brady Gold Project in Newfoundland
-
Financing News11 hours ago
Arctic Fox Lithium Corp. Engages Noranda Royalties to Compile Data on its Lithium Properties in the James Bay Region of Quebec