Single Currency Is Quiet

The single currency is calm. Euro/Dollar lifted 0.03% to trade at 1.1604. German Factory Orders rose 1.0%, Services PMI fell to 54.7. Eurozone Services PMI has slightly weakened as well, pointing at 55.0. Still, Eurozone investor confidence and inflation figures were positive. Tomorrow, Mario Draghi will deliver a speech before the ECB forum in Frankfurt. We will also hear from Chair Janet Yellen.

US nonfarm payrolls grew to 261K. Wage growth reduced to 0.0%. Inflation remains the main problem for the Fed. Jerome Powell was chosen to be the next Chair of the Central Bank. He will take the position in February 2018. Powell is expected to be very careful and gradual with rate hikes and to keep lowering the USD 4.2 billion balance sheet.