The dollar traded lower versus majors following the ECB Press Conference that turned out a hawkish that expected Central Bank, however, the expectations of a rate increase in the Euro are off the table as well. Markets are now pricing a 50% probability of a dollar rate cut near term and coupled with Euro strength the greenback lost this week nearly 1%, the worst month for the dollar since September of last year. The NFP numbers today ahead of US markets open will shed more on the chances of a rate cut as soon as this month. Metals traded higher following the weakness in the dollar and Oil finally rebounded from 2019 lows after news that the US may suspend the Mexico tariffs and that OPEC and other producers, i.e. Russia, will continue their policy of supply cuts. Crude traded sharply higher from 5 months lows to close at 53.08$ per barrel, up more than 2.5%.
US NFP and Unemployment rate and CAD Employment Change at 1:30 pm are the important news on the agenda Friday. (all times GMT).
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