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- European session review: USD gains ahead of U.S. July nonfarm payrolls
European session review: USD gains ahead of U.S. July nonfarm payrolls
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Halifax house price index | July | -0.6% | 0.4% | |
| 06:00 | United Kingdom | Halifax house price index 3m Y/Y | July | 8.7% | 7.6% | |
| 06:00 | Germany | Industrial Production s.a. (MoM) | June | -0.8% | 0.5% | -1.3% |
| 06:45 | France | Non-Farm Payrolls | Quarter II | 0.5% | 1.2% | |
| 06:45 | France | Trade Balance, bln | June | -6.59 | -5.82 | |
| 07:00 | Switzerland | Foreign Currency Reserves | July | 941.125 | 923.24 | |
| 11:15 | United Kingdom | MPC Member Dr Ben Broadbent Speaks |
USD appreciated against other major currencies in the European session on Friday as investors awaited the release of the U.S. jobs report for July later today (at 12:30 GMT).
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.19% to 92.42.
Economists expect the U.S. employers to have added 870,000 jobs in July, following 850,000 in the previous month. The unemployment rate is forecast to decrease to 5.7% last month from 5.9% in June.
Stronger-than-expected data will build confidence in the economy’s recovery in the second half of the year and could heighten bets on the U.S. Federal Reserve's QE tapering sooner rather than later.
The 10-year U.S. Treasury note yields are trading at 1.259% at the moment, up 4 basis points from yesterday’s close, suggesting that investors are optimistic about the upcoming jobs data, despite Wednesday’s employment report from ADP that showed the smallest increase in U.S. private-sector payrolls in five months for July.
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