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A delayed reaction to Friday’s non-farm payrolls report as well as the market’s expectation for tomorrow’s FOMC minutes has taken the US dollar higher against every major currency today.

Derek Frey provides weekly market commentary on currencies for the week of October 8.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of October 8.

UK producer price data are expected to surge higher and could signal that inflation pressures are building up rapidly, which could severely limit the ability of the Bank of England to cut rates this year.

Despite sharp intraday volatility, the dollar ended the US trading session not far from where hovered prior to the payrolls release.

Now more than ever, the fate of the US dollar and stability of the US economy hinges upon the outcome of tomorrow’s labor market report.

The result of the September US non-farm payrolls (NFPs) has been eagerly awaited ever since the index unexpectedly dropped for the first time in four years by 4,000 in August.

Today’s drop in the US dollar indicates that not everyone is convinced tomorrow’s non-farm payrolls report will be as strong as the market’s 100k forecast.