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U.S. Non-Farm Payroll data due 08:30 EST

08/12/2017

With U.S. Non-Farm Payroll data due 08:30 EST all the expectations are that the important figures will show a continuation of the positive economic news that Donald Trump has carried with him (and taken credit for), right from the outset of his Presidency. With current unemployment rates at a 17 year low in the U.S. it would be surprising to see these numbers slip much in November. Average earnings growth also expected to rise, bringing with it the possibility of inflation and higher interest interest rates. It looks positive for the US dollar ahead of the weekend, and people will undoubtedly position themselves accordingly, particularly against the weaker currencies like AUD, & Yen, thereby ironically setting the stage for a contrary move. With a potential UK deal on the cards with the EU and the statements from Schulz & Verhofstadt yesterday regarding the creation of a 'United states of Europe' with dissenters being ejected from the Union it's difficult to see where the good news for the Euro is in all this. The UK has been a consistent net contributor to the EU project, paying in considerably more than it receives. This loss can only hurt the EU as they continue to bolster the membership with net beneficiaries, further pressure on the few remaining net contributors is likely to fuel resentment and threaten the EU's rather grand vision.

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