British Pound Futures Market News and Commentary
The dollar index (DXY00) on Friday rose by +0.85%. The dollar Friday raced higher as the stronger-than-expected U.S. July payroll report will pressure the Fed to keep aggressively tightening monetary policy. In addition, higher T-note yields Friday strengthened the dollar’s interest rate differentials after the 10-year T-note yield climbed to a 2-week high of 2.867%.
U.S. economic data Friday was solidly bullish for the dollar. U.S. July nonfarm payrolls rose +528,000, stronger than expectations of +250,000 and the biggest increase in 5 months. Also, the July unemployment rate fell -0.1 to 3.5%, matching a five-decade low and showing a stronger labor market than expectations of no change at 3.6%. In addition, July average hourly earnings rose +0.5% m/m and +5.2% y/y, stronger than expectations of +0.3% m/m and +4.9% y/y. Finally, June consumer credit rose +$40.154 billion, stronger than expectations of +$27.0 billion.
EUR/USD (^EURUSD) on Friday fell by -0.0065 (-0... Read more