Weekly Trading Outlook Oct 5: Fallout from weak payrolls on FOMC, USD, gold and stocks

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The shockingly poor US nonfarm payrolls and factory orders reports have had a big impact on trader sentiment, and the ripple effects could impact trading throughout the upcoming week.

A weakening US economy has significantly reduced the chances of an FOMC interest rate increase this week. Stocks have continued to respond negatively to dovish news, but are already nearing a retest of their August lows as the seasonally weakest time of the year for stocks enters its later innings. This time around, USD, gold and other currencies could see a bigger impact as the speculation on interest rates that had driven USD so much higher over the last year unwinds.

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