Trading opportunities for currency pair: after a weak NFP, the likelihood of a drop in the US base rate this year has become all the more unlikely. Oil extraction is continuing to fall with the low oil prices. The conditions for a dollar correction to 8.11 are there.
The last idea I made on the USD/NOK was published last week on 28th September. After a sharp growth, the dollar corrected against the NOK due to a speech from Janet Yellen. I considered 8.3310 as the first target and the dollar reached this over the course of the week.
Some disappointing NFP data came out on Friday, sending the dollar down to 8.3237. The September indicator came out lower than expected and was reassessed downwards for the preceding two months.
Job creation in the US’s non-agricultural sector increased by 142,000 in September, although it was forecasted to increase by 210,000. July’s figure was reassessed downwards to 223k from 245k and the August value was also dropped from 173k to 136k. The reassessment totals a loss of 59,000 of work places.
US unemployment for September met expectations and stood at 5.1% (previous: 5.1%). The index for average hourly wages for the month saw no increase (forecasted: +0.2%, previous: +0.3%). The level of population involvement in the labor force fell by 0.2 to 62.4; the indicator had previously been unchanged at 62.6 for three months in a row.
What’s interesting at the moment?
The USD/NOK has fallen to 18th March’s projected support. Following such bad NFP data, market participants don’t believe the US fed will increase their base rate this year. In the most extreme case, the sellers have time until 18th November (the last FOMC meeting of this year). As part of a downward dollar correction, I’m expecting a weakening of the Norwegian krona to 8.11
A growth in oil prices this week could offer a helping hand to the krona bulls. On Friday the price of oil was up after data came out from Baker Hughes.
According to the latest data, the total number of extraction rigs fell by 29 to 809 in the week ending 2nd October. The fall for the year now totals 1113. The number of oil extraction rigs was down by 26 to 614. The number of gas extraction rigs fell by 2 to 195.
Why not take advantage of the improved version of the Trader’s Calculator.
Make Yourself at Home on the Forex Market
Alpari Cashback: decide for yourself, what trading terms on the Forex market will work for you! Trade, invest, top up your accounts at Alpari and get bonus points to further enhance your trading and investment terms.Register
Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
We're sorry, an error has occurred. Please try again later.
Notification of this error has been sent to our technical support team.
To be redirected to the European Alpari website, operated by Alpari Europe Ltd.,
a company registered in Malta and regulated by MFSA, click Continue. To remain on this page, click Cancel.
Попробуйте опубликовать пост еще раз либо свяжитесь со службой поддержки социальной сети «ВКонтакте».
У вас есть 24 часа, чтобы получить 50 бонусных баллов за свой репост! Эти баллы вы сможете использовать для улучшения торговых и инвестиционных условий в Альпари, а также уменьшения комиссий за денежные переводы.
Просто авторизуйтесь в своем Личном кабинете или зарегистрируйтесь,
если у вас его еще нет.
Обратите внимание, что для получения баллов нужно разрешить доступ к своей странице ВКонтакте сайту alpari.com/ru/.
Для этого на странице «Мои настройки» во вкладке «Приватность» в разделе «Прочее» вашего аккаунта ВКонтакте в пункте «Кому в интернете видна моя страница» выберите «Всем».
Field filled incorrectly.
This field is required.
This field is required.
Incorrect login or password.