A quick review of the most important economic data – events – for the week: USD remains strong…
President Trump’s speech to Congress:
The State of the Union Address was given at 9:00 p.m. EST on February 5, 2019. Below is a summary of what Trump said:
- The US economy is in better shape now.
- 7 million jobs have been created since the last presidential election.
- The unemployment rate is at its lowest in US history.
- A lot of jobs were created for American citizens, and wages increased dramatically.
- The American Stock Exchange recorded strong gains.
- The United States has become the world’s largest crude oil producer and has become more independent of energy sources.
- We are working to end the wars of the United States in the Middle East.
Trump’s bottom line: The US economy is in good shape and will continue to do so.
U.S Economic Data
Yesterday, ISM Non-Manufacturing PMI rose by 55.5, from 54.9 a month earlier. Passing a forecast of 55.00. The economic data came to support Trump’s speech. Now the focus will be on the US jobs report tomorrow on February 7, 2019
- U.S Nonfarm Payrolls (Jan) at 13:30 GMT. The forecast is to rise by 160K, from 145K a month earlier. A reading above 160K will support the USD while below 160K is negative…
- U.S Unemployment Rate (Jan) at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%. Below 3.5% is positive while above it is negative…
In general, even if the data is negative, this will be an opportunity to buy for the US dollar. Exclude the pound sterling, since Britain’s position becomes slightly different after the Brexit is done…stay tuned for our technical analysis.
Note that the U.S will report on Initial Jobless Claims today at 13:30 GMT. The forecast is to inch down 215K, from 216K in the last week.