We’re wrapping up a turbulent week in the foreign currency markets, where one might have expected more of a risk-on vibe following Friday’s positive U.S. unemployment figures. September saw an increase in 114,000 payrolls and a somewhat steep decline in the unemployment rate to 7.8%. Leading the initial charge higher in the currency markets was the Canadian dollar pushing to an intraday high of 1.0256 vs. the US dollar. The rally in the foreign currency trade was short lived; as we saw the likes of the Aussie, Canadian, and Euro currencies all pull back well off their intraday highs vs. the US dollar. The US dollar rose from oversold levels to finish the day right around unchanged. What kind of environment we will see heading into next week is anybody’s guess, but in my opinion we’ll see follow through action higher in the USD vs. the foreign currency trade early on.
If you would like to discuss this further or any other commodity market opportunities please contact me at 800-669-5354 or at jcaruso@rjofutures.com.
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800-669-5354 312-373-5286 Series 3 Licensed |
John Caruso
Senior Commodities Broker
John began his career at Wilshire Quinn Capital, a Wealth Management Firm based out of Los Angeles, California. Prior to becoming a broker he did some individual trading on his own, where he first began to study and interpret different market strategies and ideas. In 2006 John moved over to Lind-Waldock where he began to service clients as a professional broker. He joined RJO Futures in 2011..... Read More
