Global macro overview for 10/01/2017:
Another set of data on the US jobs market is about to hit the news wires today. The US Job Openings & Labour Turnover Survey (JOLTS Job Openings) data will be released at 02:00 pm GMT and job openings are on track to improve for a second month in December, climbing to 5,590k from 5,534k a month ago. The job openings have been trending higher, reaching the 5,800k level twice in 2016, so the trend is still to the upside. Nevertheless, the evidence is mounting that the labour market has passed its peak, as today’s numbers are expected to only slightly beat the expectations. In conclusion, the current jobs market in the US is starting to get overheated and much more important numbers than job creation are current prospects for the wage increase.
Let’s now take a look at the US Dollar technical picture in the daily time frame. The bulls are still in control over this market, but the growing bearish divergence between the price and the momentum oscillator suggest a temporary correction occur any time now. The sequence of the higher highs and the higher lows is valid as long as the level of 99.41 is not clearly violated. The next support is seen at the level of 101.30 and 100.53.
The material has been provided by InstaForex Company – www.instaforex.com