Friday’s Non-Farm Payrolls have led to a rollercoaster ride in both major pairs. While the release met economist’s expectations, the U.S. Dollar was unable to maintain its gains and experienced a sharp correction. At the end of the day, the greenback traded more or less unchanged against its major peers. Despite the fact that a September lift-off remains unambiguously on the table, the dollar’s correction was due to profit taking within quiet market conditions and less participation during the holiday season.
This week’s economic calendar is relatively light with only German ZEW Survey (Tuesday), U.S. Retail Sales (Thursday), Eurozone GDP reports and Michigan Confidence (Friday) scheduled for release.
We wish you a good start to the week.
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