USD Trading Outlook (07-12-2012)

U.S. Dollar Trading (USD) was supported by heavy selling in the EUR/USD which overflowed into other majors. Weekly Jobless claims were ok at 370k vs. 380k forecast but traders will be looking to tonight’s Nonfarm Payroll number for a better indication of the US labor market. The US FOMC meet next week and this number will be critical for the Dollar’s next direction. Looking ahead, November NonFarm Payrolls forecast at 93k vs. 171k previously. The Unemployment Rate is forecast to remain at 7.9%.

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