USD Trading Outlook (05-10-2012)

U.S. Dollar Trading (USD) the positive risk appetite continued to grow overnight with the ECB not making any mistakes and helped stocks continue to rally. The FOMC minutes halted the rally with some members arguing for less specific dates for raising interest rates in the future. With the September NonFarm Payrolls looming we are expecting some consolidation ahead of the numbers with little movement till their release. Looking ahead, September NonFarm Payrolls forecast 113k vs. 96k previously. Also Unemployment Rate forecast at 8.2% vs. 8.1% previously.

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