The dollar is weaker this morning ahead of Non-Farm Payrolls data, which will be released at the end of this week. This data could be key in influencing the Federal Reserve’s next actions on monetary policy.
Speaking at the end of last week, Fed Chair Jerome Powell told investors that interest rates were being left as they are and that any tapering of monetary policy would not happen until the job market saw more of an improvement. There were also some ‘dovish’ comments from Federal Reserve officials over the weekend who stated that the labour market would need to improve before tapering monetary policy.
PMI figures for the US will be released this week, followed by Non-Farm Payrolls on Friday. This is expected to show that 900,000 jobs were added to the US economy in July.
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