FXTM Research Analyst
Appetite towards the Dollar sweetened
on Friday afternoon as investors digested the mixed US jobs report for June.
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The Dollar appreciated against every
single G10 currency as markets cheered the fact that the United States added an
impressive 224,000 jobs to its economy last month.
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However, with the unemployment rate
slightly up at 3.7% and average earnings disappointing by rising 0.2% in June,
below the expected 0.3% - the jobs data is certainly a mixed bag. Today’s
report is likely to complicate the Federal Reserve’s decision to cut interest
rates this month, especially if economic conditions in the United States continue
to stabilize leading up to the Fed policy meeting.
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This sentiment is reflected in the
Dollar’s appreciation with further upside expected as investors start to
re-evaluate whether the Fed will pull the rate cut trigger. Taking a look at
the technical picture, the Dollar Index is trading marginally above 97.10 as of
writing. A weekly close above 97.00 may inspire an incline towards 97.50.
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