Forex Weekly Outlook August 5-9
The US dollar managed to end the busy week a bit stronger, but the NFP took some of the wind out of its sails. ISM Non-Manufacturing PMI, US trade balance, and jobless claims, as well as rate decisions in Australia and Japan are the main market movers for the week ahead. Here is an outlook on the top events on our calendar. Last week the NFP release was a big disappointment with a lower than expected gain of 162K jobs in July. Economists expected a bigger increase of 184K. This came after an encouraging number from ADP: a 200K addition in private sector jobs. This reading sends mixed signals to the U.S. Federal Reserve and will certainly make them more cautious about their QE tapering plan. Will the US job market show resilience and ease growth concerns? In the euro-zone, Draghi acknowledged some green shoots , but policy will stay accommodative. In the UK, the focus shifts to this week. Let’s Start US ISM Non-Manufacturing PMI: Monday, 14:00. The U.S. business activity slo