The US dollar closed last Friday on a stronger note as the US nonfarm payrolls showed a rebound. The US economy was seen adding 261k jobs during October with September and August payrolls numbers being revised higher as well. The unemployment rate fell to fresh lows at 4.1%, but average hourly earnings remained muted. The ISM non-manufacturing PMI was seen rising to 60.1, beating expectations of 58.5.
Earlier today, the New Zealand inflation expectations data showed that consumer prices were seen rising 1.87% for this year. For the next two years, the forward looking inflation expectations data showed that headline consumer prices are expected to rise 2%. The data comes ahead of this Wednesday’s RBNZ monetary policy meeting.
The economic calendar is light today with only the Canadian Ivey PMI data coming out. The FOMC member Dudley is expected to speak later in the day. Data from the Eurozone is quiet with the services PMI numbers due for release.
