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NFPs Falls Short of Dollar Liftoff, Beware Speculative Positioning

NFPs Falls Short of Dollar Liftoff, Beware Speculative Positioning

2016-05-07 02:10:00
John Kicklighter, Chief Strategist
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Talking Points:

  • US jobs data failed to give a clear read with a NFPs miss, a jobless rate hold and strong earnings figure
  • The Dollar's advance extended a fourth-day but a trend is just as uncertain as it is for the S&P 500 corrections
  • Speculative positioning, the Eurozone's concerns with Greece and a BoE quarterly update are top theme ahead

See how retail traders are positioning in the majors using the FXCM SSI readings on DailyFX's sentiment page.

The USDollar extended its best run through Friday's close since early November - when the Index notably hit a 12-year high. Yet, this climb still leaves speculative ambitions well short of a return to the self-sustaining bull trend. While technical boundaries stand in the way, it is really the broader financial system's current aversion to major trend development and the unfavorable winds for Fed speculation that stand in the currency's way. The docket over the coming week offers few key milestones for traders to decide definitively bullish or bearish on the Greenback's future. That said, there are considerable winds blowing for the market. Risk trends are unanchored and speculator are far from shore. Speculative positioning in key risk exposures speak to kindling for unexpected fires. In data, the Pound and Euro are particularly at-risk with the BoE's Super Thursday and key Greek events respectively. We discuss what lies ahead for traders in this weekend Trading Video.

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