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Jun 03 - 10:55 AM

USD: 2-Way Flows Ahead Of US Jobs Report; 1 Million Increase In NFP Would Be Needed To Lift USD - MUFG

By eFXdata  —  Jun 03 - 09:30 AM

MUFG Research discusses the USD outlook ahead of tomorrow's US jobs report for the month of May.

"In a shortened week due to holidays at the start of the week in the UK and the US, market activity has been lighter than usual. But this also reflects the likelihood of less appetite for putting on fresh risk ahead of the key event of the week – the nonfarm payrolls data from the US on Friday," MUFG notes. 

"The dollar on a DXY basis has traded in a very narrow range this week but there are certainly signs of better two-way flow after steady depreciation through much of this quarter-to-date...We suspect something closer to a 1mn increase in NFP would be needed to notably lift yields and the dollar," MUFG adds. 

Source:
MUFG Research/Market Commentary

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