US Dollar: NFP embraces hope
Last week the US dollar declined versus all the major currencies ahead of the labor market data on Friday. However, the figure returned to the upbeat trend, jumping back above 200K. The March reading was revised down to 85K, but the market is not very interested in the past these days. Unemployment level decreased to 5.4%. The figures improve the market sentiment ahead of the next market-turning event – June 17 Fed meeting.
On the new week, we’ll be watching the April retail sales data on Tuesday and the PPI on Thursday. Both figures showed improvement in March. Is the economy waking up after the winter doldrum? On Friday watch the University of Michigan consumer confidence index.