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Big week for Meetings and Data; US Jobs Report on Friday

Posted by WorldWideMarkets . on Jun 4, 2013 3:17:00 AM
nfp resized 600It’s a big week in forex and investors are gradually falling into line for non-farm payrolls on Friday. A strong number is going to raise expectations for tapering QE and a higher dollar, a lower number and the dollar may see some weakness. In the interim, large and small players will be positioning for the consensus view of 170,000 new U.S. jobs in May. Leading up to Friday sees monetary policy decisions from the BOE and the ECB on Thursday. ECB President Draghi has said he will cut rates if data worsens but Monday’s euro zone PMI was stronger, though still in contraction, so probably not too much from the ECB. The BOE is expected to leave rates unchanged so likely no press conference and everyone will wait for the minutes on June 19 for insight. Canada’s jobs number Friday will be a sideshow given the U.S. number, but still important for the Canadian dollar.

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