The US dollar pendulum has swung back as the week ends with a raft of US data. It started last night the ADP Non-Farm Employment Change which came in bang on target at 176,000 new jobs and shortly after weekly unemployment claims at 323,000 outperforming expectations. The data dump ended with ISM Non-Manufacturing PMI which surged to 58.6, during this 90 minute period the US dollar made up considerable ground against the majors. The Greenback went through the 100 Yen mark, the Pound shed 0.9 cents and Gold took some further punishment as it hit 1366 US an ounce, a $33 fall.
The Euro fared the worst with comments from European Central Bank President Mario Draghi saying that they had discussed interest rate cut at last night meeting. The Euro had put on half a cent leading into the meeting but the two hours following saw it shed 1.1 cents to lows of 1.3110 USD. The Bank of England tried to temper rates expectations in their statement but with rates on hold their market responded with a 0.6 cent increase versus the Greenback before it fell following the US data releases.
The Australian session is today clear of economic news after what has been a very busy week with the Aussie sitting at 91.27 US cents and the G20 meeting will take a lot of focus in the afternoon with Syrian discussion leaks highly sort after. We also have Manufacturing and Industrial Production from the UK but the markets will be focused on the Non-Farm Employment Change from the States which is expected to match the ADP print last night
