There were strong price fluctuations observed on Friday, but the US Dollar Index was almost unchanged by the results of the day. The U.S. economic data proved to be very positive and moderately negative.
The unemployment rate fell in April to a minimum of 5.5 years and amounted to 6.3%. Jobs in the agricultural sector (Nonfarm payrolls) appeared to be at their maximum in January 2012 and amounted to 288 thousand people. This has caused a short-term growth in the U.S. Dollar index. The good data like that are still not able to reverse the trend upwards because of the second component of the day, such as increase in industrial orders for March that turned out much weaker than expected and was only 1.1%. In general, investors are still pessimistic about the U.S. currency. Only 7% of economists expect the growth in U.S. interest rates this year. Nevertheless, investor perceptions about the U.S. Dollar are gradually changing for the better. According to the latest CFTC report, the net short on the U.S.Dollar fell to $686 million from $1.58B a week earlier. Today at 14-00 CET, we will see the business activity index in the service sector (ISM) for April. The outlook is positive.
The Copper has risen to its 8 weeks maximum. According to the CFTC, market participants have formed the Copper net long for the first time. The premium between the prices per ton on the Chinese physical and futures markets reached its highest level of three years and was $250 (1570 yuan).
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.