Today is a very important day for the American currency. At the end of last month, the US dollar index was around the level of 97 basis points, from which it didn’t go far, but in the near future the situation could change cardinally.
The data block of the labor market, which will be published today, can set the direction for the US dollar up to the meeting of the Federal Open Market Committee, and according to expectations the greenback is waiting for recovery.
According to the forecast, Non-Farm Employment Change will be 181 thousand. That’s 30 thousand less than the previous value, but 81 thousand more than the required quantity to ensure vacancies for the working-age population. Respectively, the release of data approximate to forecasts will positively affect on the US dollar.
Concerns cause wage, the growth of which is possibly slowed down in May from 0.3% to 0.2%. The slowdown of this indicator can outshine all other news from the US, which will lead to a sharp weakening of the dollar, because will grow the concerns regarding the nearest tightening of monetary policy.
In that situation, the statements of politicians about the willingness to raise interest rates will not help for the US dollar.