During the trading week, analysts expected strong statistics on the US labor market, but the final figures exceeded all optimistic expectations. According to the latest official statistics on the US labor market, in the last month wages in the US grew at the fastest pace in the last ten years. US Labor Department reported that wages increased in October by 3.1% per year, accelerating from 2.8% compared with the previous month. In addition, the economy also added 250,000 jobs last month, well ahead of analysts' expectations. The unemployment rate remained unchanged at 3.7%.
Despite such strong statistics, the reaction of the US dollar turned out to be more restrained. The dollar index rebounded from the session lows in the area of 95.75 and returned to the zone of the first resistance level 96.10. The market began to sell the dollar yesterday, amid a technically overbought conditions. Trump's comments on a telephone conversation with the leader of China only increased sales of the US currency. However, after such data, the situation may change very quickly, in any case, it is not necessary to expect a strong downward movement. We should watch the daily close and daily candle. According to these conclusions and we will build a trading strategy for the next week.
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