FX Closing Comments

The FX markets had that "calm before the storm" feel today, as traders looked ahead to tomorrow's non-farm payroll number. Most expectations center around a figure of 150,000 for May. As this is arguably the most important monthly figure, the figure is considered to carry more weight than normal this time, given the current undecided and "data dependent" mood at the FOMC. Although the fed funds futures market is leaning towards another .25% move in June, a particularly strong or weak number tomorrow could easily skew the equation. After June's NFP, the next major figure will be May's core consumer price figure, which is due on June 14th.