Dollar Rises on Robust NFP, But Gains Tempered by Hesitation
| Action Insight Daily Report 1-5-24 |
Dollar Rises on Robust NFP, But Gains Tempered by Hesitation |
Dollar rises broadly in early U.S. session, spurred by a robust set of job data that surpassed expectations in all key areas including headline employment growth, unemployment rate, and wage growth. This robust data also propelled 10-year treasury yield further above 4% mark, while concurrently driving stock futures lower. However, while Dollar's gains against Yen and Australian Dollar are pronounced, there appears to be some hesitation in its performance against European majors. This hesitance raises the question of whether the greenback will require additional momentum from the upcoming US CPI report next week. Japanese Yen remains the weakest performer, largely due to the rally in US and European yields. Australian and New Zealand Dollars are also underperforming for the day, influenced by prevailing risk-off sentiment. Meanwhile, Canadian Dollar, despite a miss in employment data, is emerging as the second strongest currency. Euro and British Pound are displaying mixed performance, with Euro showing minimal reaction to lower-than-expected headline CPI reading from Eurozone... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0917; (P) 1.0944; (R1) 1.0974; More... EUR/USD's fall from 1.1138 short term top is trying to resume by breaking 1.0892 temporary low. Intraday bias is back on the downside for 1.0722 support first. Sustained break there will argue that whole rise from 1.0447 has completed, and break deeper fall back to this support. On the upside, however, break of 1.0971 will turn bias back to the upside for retesting 1.1138 high instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Monetary Base Y/Y Dec | 7.80% | 9.00% | 8.90% | | 05:00 | JPY | Consumer Confidence Index Dec | 37.2 | 36.6 | 36.1 | | 07:00 | EUR | Germany Retail Sales M/M Nov | -2.50% | -0.50% | 1.10% | | 09:30 | GBP | Construction PMI Dec | 46.8 | 46.1 | 45.5 | | 10:00 | EUR | Eurozone CPI Y/Y Dec P | 2.90% | 3.00% | 2.40% | | 10:00 | EUR | Eurozone CPI Core Y/Y Dec P | 3.40% | 3.40% | 3.60% | | 10:00 | EUR | Eurozone PPI M/M Nov | -0.30% | -0.10% | 0.20% | 0.30% | | 10:00 | EUR | Eurozone PPI Y/Y Nov | -8.80% | -8.70% | -9.40% | | 13:30 | USD | Nonfarm Payrolls Dec | 216K | 168K | 199K | 173K | | 13:30 | USD | Unemployment Rate Dec | 3.70% | 3.80% | 3.70% | | 13:30 | USD | Average Hourly Earnings M/M Dec | 0.40% | 0.30% | 0.40% | | 13:30 | CAD | Net Change in Employment Dec | 0.1K | 13.2K | 24.9K | | 13:30 | CAD | Unemployment Rate Dec | 5.80% | 5.90% | 5.80% | | 15:00 | USD | ISM Services PMI Dec | 52.7 | 52.7 | | 15:00 | USD | Factory Orders M/M Nov | 2.30% | -3.60% | | 15:00 | CAD | Ivey PMI Dec | 55 | 54.7 |
|
|
|
