SubscribeDaily Futures Commentary November 2, 2009
Monday, November 2, 2009
The U.S. Dollar is losing ground against most major currencies this morning as traders adjust positions following last week’s shift in sentiment out of higher yielding assets and this week’s slew of key economic reports and central bank meetings.
The most important economic report this week is the U.S. Non-Farm Payrolls and Unemployment Rate Report. This report will reveal the pulse of the economy. Last week’s GDP Report came out better than expected but investors want to see if the expanding economy produced jobs or at least slowed down the rate of job losses.
This week the Australian Central Bank meets on November 3. This is followed by the U.S. Federal Reserve on November 4. The Bank of England and the European Central Bank will round out the week with meetings on November 5.
The Reserve Bank of Australia is expected to announce another 25 basis point interest rate hike. Last week’s weak Australian inflation number took a 50 basis point hike off the table. This triggered a liquidation break in the Aussie Dollar. The U.S. Fed …
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