Today’s Key Market Drivers – 9th October 2017
The US jobs number on Friday gave traders a surprise of a different kind. Instead of the US creating the 85,000 jobs the market expected the Labour Department said the US economy actually lost 33,000 jobs in the month of September the first time the US has seen a job contraction in 7 years. You would typically see the US Dollar sold heavily on such a surprising number, however, traders mostly ignored the bad news and focused on the good news that was delivered at the same time and that was a surprise rise in wages and an unemployment rate of 4.2%. The US Dollar did, however, fall against a basket of major currencies by the close of trade as tensions with North Korea and a falling stock market on Friday weighed the greenback down.
With little in the way of high impacting news until later in the week and the stock market in the US having its first down day in 8 days my gut feeling is we may see a sell-off against the Yen this week. This morning we have seen multiple trend change prices triggered according to our Daily Trading Plan. It is critically important that you do not overleverage yourself with multiple trades as many of them are directly correlated and if one fails they most likely will all fail.
This week’s economic calendar is free of high impacting news until Tuesday when the focus will be on the minutes from the BOJ’s latest monthly meeting. The US Fed also releases its monthly minutes on Thursday which will likely be the focus of traders in the back half of the week. There are no official Central Bank monthly monetary policy statements due however Mario Draghi the ECB President is speaking in Washington on Friday.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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