US dollar struggles to find a floor after non-farm payrolls. A look at upcoming Fedspeak
Fresh highs in GBP and NZD
The post-NFP volatility has turned into a slow grind lower for the US dollar and cable (above) is at a new high along with NZD/USD. I think the continuing grind is the right trade but it's tough to get behind any moves with 3 hours left of trading ahead of a long weekend.
So it's time to look ahead to next week. I'll be keying on Fed talk as it's packed into a three-day window ahead of the blackout period before the Sept 22 decision.
There's nothing on Tuesday then on Wednesday we get:
- Beige Book
Williams is an important one and it will be interesting to hear if there's more of a climb-down from Kaplan. I usually disregard the Beige Book but commentary about delta, jobs and inflation will be interesting this time around, and potentially market moving.
Bowman is speaking about community banks and we already have a pretty good idea what the rest of the gang will say. Not much to learn here.
Mester will speak at a 'new avenues for monetary policy' conference. We've heard from her lately but she's a softer taperer and could offer something new. Bullard isn't actually scheduled to speak but you know that he will find a way onto the airwaves or newswires.