US Dollar: forecast for September 7-13
US labor market data came out mixed on Friday. Non-farm payrolls rose by 173K in August (below the forecast). However, jobless rate declined to the lowest in 7 years and the average hourly earnings increased. Overall, the employment data didn’t hurt the positive image of the US economic dynamics.
On the new week, we expect the US Dollar to extend the upside gradually. Next bullish targets for the USD index lie at 97 and 98.50 points. We still remain long on the greenback versus the commodity block currencies.
Economic calendar for the new week is rather light. On Monday, the US markets will be closed due to the Labor Day. On Thursday, we’ll watch the unemployment claims, while on Friday the market will focus on PPI. Investors are gradually positioning ahead of the Fed’s September 17 meeting.