USD Trading Outlook (09-08-2012)
U.S. Dollar Trading (USD) strong US data helped reverse profit taking seen in the European session yesterday and stocks closed higher in the US and this positivity has continued into Asia trade so far Thursday. US Q2 Nonfarm Productivity at 1.6% vs. 1.4% and Q2 Labor Costs at 1.7% vs. 0.5% forecast. The USD is under pressure while sentiment remains ‘risk on’ and demand for the safe haven is low. Looking ahead, Weekly Jobless Claims forecast at 370k vs. 365k previously. Also ahead, International Trade Balance forecast at -47.5bn vs. -48.7bn.
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