Dollar remains unmoving, employment data awaited

After a seven-week low, dollar rates have stopped movement. The traders are reluctant to make their decisions without any data on Jobs. The report in April was unexpectedly unfavourable for the economy leading to a further dip in the dollar. The reopening had an impact but a shortage in labour came in the way of an overpowering growth potential.

The new reports for May are expected by Friday this week. “It’s basically showing that a huge amount of the recovery trade is baked into the cake at this point and the whole recovery curve may be a lot slower than people anticipate,” said Boris Schlossberg, MD, FX strategy, BK Asset Management.