The US dollar was relatively strong today ahead of tomorrow’s non-farm payrolls. The currency trimmed its gains versus the euro after the release of housing data that was worse than market participants have hoped for.
US existing home sales dropped to the seasonally adjusted annual rate of 5.29 million in September from the downwardly revised 5.39 million in August, more than was expected. The decline was explained by prices growth that outpaced growth of household income.
Tomorrow even more important report will be released: non-farm payrolls that were delayed because of the government shutdown. Some specialists are worried that the shutdown will distort economic data from the United States, but the employment data was compiled before the event and was unaffected by it. It is expected that the employment report will show robust growth of 182,000.
EUR/USD dropped from 1.3682 to 1.3650 intraday, but rebounded to 1.3679 by 22:52 GMT today. Meanwhile, GBP/USD fell from 1.6172 to 1.6145 and USD/JPY rose from 97.84 to 98.17.
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