USD outlook clouded as US shutdown delays key jobs data
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Daily Currency Update
Today was set to be a key day for markets with the release of the latest US jobs report, a critical gauge for the US dollar. After two consecutive weak non-farm payroll prints, September’s data would have provided valuable insight into whether the US labour market continued to cool over the summer amid the drag from the Trump trade war.However, with the government shutdown halting the release of official data, FX markets are left without a crucial signal for Federal Reserve policy expectations. The lack of visibility increases uncertainty around the dollar’s outlook, potentially limiting support for the currency and prompting investors to seek clarity elsewhere in the short term.
Key Movers
The pound traded steadily on Thursday, failing to gain much ground even against a softer US dollar, as traders weighed the potential impact of the upcoming UK November budget on the economy and sterling’s outlook. Market caution kept GBP/USD in check, with investors reluctant to add to long sterling positions until there is greater clarity on fiscal policy and its implications for growth and inflation.Expected Ranges
- GBP/USD: 1.3405 - 1.3485 ▼
- GBP/EUR: 1.1415 - 1.1495 ▼
- GBP/AUD: 2.0325 - 2.0405 ▼
- EUR/USD: 1.1715 - 1.1785 ▲