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Dollar rallies but is it another chance to sell as traders eye Non-farm Payrolls?
Risk is marginally positive and the dollar is ticking higher in front of Non-farm Payrolls. However, despite the minor recovery in the dollar as the week has progressed, there is still a trend of using dollar rallies as a chance to sell. This is reflected in the market pricing for December’s Fed Funds Futures which are suggesting a probability of just around 35% for a rate hike. US Treasury yields continue to track lower and yesterday’s personal consumption data has hardly helped the situation. The Fed’s preferred inflation gauge, the core PCE has fallen back further to +1.4% and will likely keep the downward ... (full story)