The US Dollar capitalized on market turmoil last week as expected, soaring to a 17-month high against an average of its major currency counterparts. That the advance played out even as souring sentiment weighed on the priced-in Fed rate hike outlook speaks to the benchmark unit’s revived haven appeal, which was conspicuously (if only briefly) absent at the start of the rout in risky assets.
The week ahead brings heavy-duty scheduled event risk back into the picture. October’s labor market data takes top billing, with expectations pointing to a pickup in payrolls growth. Wage inflation might prove to dominate the spotlight however. Average hourly earnings are expected to have grown at a blistering pace of 3.2 percent on-year, the fastest in almost a decade.
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