Dollar Drops Ahead of NFP
Market sessions brace the typical pre-US Non-Farm Payrolls this Friday leaving most majors in thin trading ranges. The September NFP is expected to rise modestly to support the recent broad US dollar sell-off since the latest poor US fundamentals-driven increased US recession fears. The losses in the US equity futures kept the bearish tone intact while trying to consolidate its losses. Chair Jerome Powell will speak just before markets close for the week and may hint a rate cut later this month.
Political uncertainty adds to the market woes after President Trump reached out to Ukraine and China to investigate potential rival, Joe Biden. Support for impeaching Trump is gradually on the rise but remains insufficient.
In the European open, both the Pound and Euro traded flat as the focus shifts to the Brexit updates. The EU is “unconvinced” by Prime Minister Boris Johnson’s proposal and was given until October 11 to come up with a new plan.
NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.
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