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US Dollar 2016/10/27


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The Federal Reserve bases interest rate decisions on jobs data, and thus far jobs data has painted a picture of a strong United States economy as job openings and the employment rate increases to 5 year highs. As we move closer to December the eventuality of an interest rate hike becomes more likely.

The strong growth in jobs will manifest itself in the 2016 3Q-GDP data release tomorrow, and the growth thereof may likely surprise and beat expectations. Overall the dollar rally is set to extend to the 12,300 level which is the yearly high of FXCM’s Dollar Index and may even break this high and push new resistance to the 12,500 level.   
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