Will Payrolls Help Dollar Bulls?

The U.S. dollar strengthened slightly after Wednesday’s Federal Reserve meeting minutes suggested the Fed is ready to raise rates sooner and higher than previously expected. According to hawkish comments of St. Louis Fed President James Bullard the central bank could raise rates as soon as March.

Today is payrolls day and the jobs report is forecast to show that the U.S. added 405,000 jobs in December. An upside surprise could help the greenback strengthening but we will take a cautious approach on payrolls day. Since much of the dollar’s strength is already priced in, traders should brace for price movements in the opposite direction.

EUR/USD: Above 1.1270, chances are in favor of the bulls. A higher target is 1.14. Below 1.1270, the focus turns to a break below 1.1220 and further 1.1185. A lower target is 1.10.

GBP/USD: We pencil in a trading range between 1.3650 and 1.3410.

We wish you good trades and a nice weekend.

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