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Dollar Flat as Markets Digest US Jobs Report, Look for Next Catalyst

Dollar Flat as Markets Digest US Jobs Report, Look for Next Catalyst

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Flat, Pound Lagging in Quiet Overnight Trade
  • S&P 500 Index Futures Hint Muted Activity to Continue
  • UK House Prices, Sentix Gauge Top Second-Tier Calendar
  • French, Dutch Bill Sales May Yield Eurozone Crisis Cues

The US Dollar was little changed against its top counterparts in overnight trade as currency markets digested Friday’s sharp burst of volatility in the wake of a better-than-expected US jobs report. A quiet economic calendar reinforced the muted tone. The British Pound narrowly underperformed, down 0.2 percent against its leading counterparts. S&P 500 stock index futures are little change in late Asian trade, pointing to flat risk sentiment trends and hinting the standstill is likely to carry forward in the coming hours.

The docket remains lackluster in European hours, with the Halifax measure of UK House Prices and the Sentix gauge of Eurozone investor confidence rounding out scheduled event risk. France and the Netherlands are due to sell €6.8 and €4 billion in short-term debt, respectively. Traders will keep an eye on average yield and bid-to-cover readings to gauge sovereign stress levels in the region, though the short tenor of the debt on offer is likely to keep the reaction relatively tame.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

23:01

GBP

Lloyds Employment Confidence (JUL)

-51

-

-53

0:30

AUD

TD Securities Inflation (MoM) (JUL)

0.2%

-

-0.2%

0:30

AUD

TD Securities Inflation (YoY) (JUL)

1.5%

-

1.6%

1:30

AUD

ANZ Job Advertisements (MoM) (AUG)

-0.8%

-

-1.1% (R+)

5:00

JPY

Leading Index (JUN P)

92.6

92.9

95.2

5:00

JPY

Coincident Index (JUN P)

94.5

93.9

95.8

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

GBP

Halifax House Price (3MoM) (JUL)

-0.6%

-0.5%

Low

7:00

GBP

Halifax House Price (MoM) (JUL)

-0.5%

1.0%

Low

8:30

EUR

Euro-Zone Sentix Investor Confidence (AUG)

-31.0

-29.6

Low

9:00

EUR

Netherlands to Sell €4B in 84- and 204-day Bills

-

-

Low

13:00

EUR

France to Sell €6.8B in 3-, 6- and 12-mo Bills

-

-

Low

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2239

1.2464

GBPUSD

1.5545

1.5697

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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