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Caution Ahead for Dollar Bulls as NFP Looms
With financial markets in the U.S. closed today for the Independence Day holiday, the U.S. Dollar held steady in overnight Asian trade after investors cut back their long positions ahead of Friday’s market moving data release, namely the monthly non-farms payroll report. Markets are also awaiting monetary policy decisions from both the European Central Bank and the Bank of England, so cautiousness prevails. Mario Draghi, the ECB head, is expected to caution investors that the loose monetary policy in place is likely to remain in place for sometime as downside risks to growth are still abundant. The new head of the Bank of England, Mark Carney, is also unlikely to stray from existing policy but market watchers believe he may make a personal statement following the policy decision announcement, nonetheless.
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