Bullet Report: Dollar Collapses after NFP. OIL down 10%
March 13, 2017 8:16 am
Friday saw the NFP release surprise to the upside at 235k jobs added, versus 190k expected. Despite the fact that this almost guarantees a rate hike in march, the USD was not able to gain further as traders took profits since the USD was rallying aggressively already before the NFP result, and in other words, the rate hike was priced in.
In addition to FOMC meeting, BoJ, BoE and SNB will announce monetary policy decisions this week. All are scheduled for Thursday.
EURUSD has reversed sharply from 1.05 levels last week and post the NFP is trading at 1.0715 at time of writing. The pair has broken a major resistance at 1.07 and now is prone to further gains towards 1.0740. GBPUSD reached 1.2232 highs from 1.2150 lows on Friday. The Pound lost almost 1% against the euro on Friday after the ECB news. In regards to USDJPY, the pair gave back some of its gains but still closed the week out around 75 pips higher at 114.79.
The biggest market moving commodity of last week, was OIL and BRT. They suffered their 6th consecutive day of losses dropping 1.2% today, after dropping 9.1% last week. WTI dropped as low as 47.85 after trading at $55 last week.
GOLD has also been a market mover, reversing its downward trend following the NFP. It was trading at $1195 before NFP, however Dollar weakness caused it to jump to $1211 this morning.
Friday saw the NFP release surprise to the upside at 235k jobs added, versus 190k expected. Despite the fact that this almost guarantees a rate hike in march, the USD was not able to gain further as traders took profits since the USD was rallying aggressively already before the NFP result, and in other words, the rate hike was priced in.
In addition to FOMC meeting, BoJ, BoE and SNB will announce monetary policy decisions this week. All are scheduled for Thursday.
EURUSD has reversed sharply from 1.05 levels last week and post the NFP is trading at 1.0715 at time of writing. The pair has broken a major resistance at 1.07 and now is prone to further gains towards 1.0740. GBPUSD reached 1.2232 highs from 1.2150 lows on Friday. The Pound lost almost 1% against the euro on Friday after the ECB news. In regards to USDJPY, the pair gave back some of its gains but still closed the week out around 75 pips higher at 114.79.
The biggest market moving commodity of last week, was OIL and BRT. They suffered their 6th consecutive day of losses dropping 1.2% today, after dropping 9.1% last week. WTI dropped as low as 47.85 after trading at $55 last week.
GOLD has also been a market mover, reversing its downward trend following the NFP. It was trading at $1195 before NFP, however Dollar weakness caused it to jump to $1211 this morning.
The post Bullet Report: Dollar Collapses after NFP. OIL down 10% appeared first on Forex.Info.
Source: Easy Forex Forex.Info
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