Dollar Could Ultimately Remain in ControlPosted 12/08/2017 10:46AM CT |
Dollar: Clearly the dollar has ranged up overnight in a fashion that suggests a return to 94.00 could be in the cards directly ahead. However, the dollar should encounter some volatility and most likely a corrective dip following the lack of a forward progression in US monthly payroll readings. On the other hand, traders should remember that Canadian payrolls jumped very significantly in a release last week and that could suggest an upside surprise in the US numbers. On the other hand, the recent flow of other US scheduled data suggests the number will more than likely be down in a 190,000-200,000 expected range. Post report corrective action could be seen down to 93.41
U.S. Dollar Dec ’17 Daily Chart
Euro: Not surprisingly, the euro has ranged down and at the same time has reached the lowest level since November 21st and has seen that weak action despite reports of negotiating progress toward a British exit from the euro zone. However, the euro did see negative German export data overnight and it was also presented with an expansion of the French budget deficit and that bearish news comes on top of generally positive US political headline flow. Near term downside targeting is seen at 11799 and a recovery bounce in the euro off US data up to 112851 should be seen as a potential selling opportunity.
Euro Dec ’17 Daily Chart