Credit Agricole: USD to hold onto, but not extend upon, recent gains - eFXnews

By FXstreet.com | July 28, 2014 AAA

FXStreet (Łódź) - The eFXnews team remark that according to Credit Agricole USD shouldn’t rise further ahead of the US NFP report release on Friday, as it has already strengthened over 1.5% in the past month.



Key quotes



“Indeed with Wednesday’s FOMC meeting already deemed a non-event, and another moderation in the advance release of core-PCE anticipated, USD is more likely to pause for breath until NFP.”



“However, this pause will be short-lived if, as recent declining unemployment claims suggest, another strong employment number is forthcoming.”



“Indeed when incorporating latest weekly claims into a 3-month average measure (opposite), NFP’s improving trajectory appears more likely to accelerate than slow, thereby supporting recent Fed speculation.”



“Moreover, even if Friday’s notoriously volatile series disappoints, the underlying employment trend is turning USD supportive.”



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