In Friday’s session, the USD initially dropped and found support at the 20-day Simple Moving Average (SMA) of 103.30 but then managed to recover towar
figures and strong PMI figures, while the Australian calendar had nothing relevant to offer, so the USD’s movements primarily directed the pair’s movements.report, which measures the employment change in non-agricultural business, showed that the US added 187,000 jobs in August, a tick higher than the 170,000 expected and from the previous downwardly revised 157,000. On the negative side, Average Hourly Earnings increased, but slower than expected, while the Unemployment rate rose to 3.
What drove the USD upwards was the data from the Institute for Supply Management , which reported higher than expected PMIs from August, with the manufacturing index at 47.6, higher than the 47 expected. The Employment Index also came strong at 48.5 but remains in contraction territory. As a reaction, the 2,5 and 10-year US Treasury yields fell to their lowest levels in three weeks but then managed to clear their declines after the release of the ISM PMIs. In line with that, the CME FedWatch tool shows that the odds of a hike in the November meeting of the Fed declined to 33% after being around 40% in the last few days. It's worth highlighting that the market’s volatility on Friday was driven by investors digesting key economic data.
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