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The Dollar advanced against a basket of major currencies on Thursday, as the pace of US private-sector jobs growth surged in May, fuelling expectations of a strong monthly non-farm payrolls reports today, and this will be the last jobs report that the Fed gets to look at before heading into their meeting on Mid June. A hike is widely-expected at that meeting with expectations over 90% right now, and it would likely take a big miss on the headline number today to have concerns that a hike may not take place.
The expectation is for 180,000 jobs to have been added to the American Non-Farm Payrolls in the month of May, but perhaps more pressing, and likely to be read between the lines, is just how strong the American economy appears to be in order for the Fed to start looking at balance sheet reduction. The possibility of balance sheet lowering was discussed at the last Fed meeting in May, and this was announced in the minutes from that meeting last week.
The British Pound continued to up and down with the release of various polls on the status of the current race, dipping to $1.2883, down 0.01%, after a poll, commission by The Times showed that Theresa May’s Conservative party lead has slipped to 42 points not far ahead of Labor on 39 points.
The Australian Dollar gained in Asia on Friday in a light regional data day with the market keeping a close eye on the Yuan after it surged to a near seven-month high on Thursday, also the good housing numbers supported the Australian Dollar
The euro Slid 0.3% to 1.1217 waiting the producer price index in the euro zone and for sure the USA employment numbers
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