Dollar Rallies on Strong US Employment Data
| Action Insight Mid-Day Report 12-8-23 |
Dollar Rallies on Strong US Employment Data |
Dollar jumps in early US session, buoyed by a robust set of employment data. headline job growth exceeded expectations, narrowly missing 200k mark, while unemployment rate showed a decline. This data suggests a still-tight job market, raising concerns among some market participants that underlying inflation pressures may not be easing as hoped. Notably, strong wage growth stands out as a key indicator of persistent inflationary pressures. Today's positive employment figures are unlikely to change the prevailing expectation that Fed will keep interest rates unchanged at the upcoming meeting this month. However, the likelihood of an earlier-than-anticipated rate cut seems to have diminished. The market's attention is now shifting towards next week's key economic events, particularly the US CPI data on Tuesday and FOMC economic projections on Wednesday.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0760; (P) 1.0788; (R1) 1.0822; More... EUR/USD's fall from 1.1016 resumed after brief recovery, and intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 1.0770) will pave the way to retest 1.0447 support. Nevertheless, break of 1.0894 will turn bias back to the upside for 1.1016 resistance instead. On the upside, above 1.0816 minor resistance will turn intraday bias neutral again. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Manufacturing Sales Q3 | -2.80% | 0.20% | -0.80% | | 23:30 | JPY | Labor Cash Earnings Y/Y Oct | 1.50% | 1.00% | 1.20% | | 23:30 | JPY | Overall Household Spending Y/Y Oct | -2.50% | -3.00% | -2.80% | | 23:50 | JPY | Bank Lending Y/Y Nov | 2.80% | 2.80% | 2.80% | 2.70% | | 23:50 | JPY | GDP Q/Q Q3 F | -0.70% | -0.50% | -0.50% | | 23:50 | JPY | GDP Deflator Y/Y Q3 | 5.30% | 5.10% | 5.10% | | 23:50 | JPY | Current Account (JPY) Oct | 2.62T | 1.85T | 2.01T | | 05:00 | JPY | Eco Watchers Survey: Current Nov | 49.5 | 49.2 | 49.5 | | 07:00 | EUR | Germany CPI M/M Nov F | -0.40% | -0.40% | -0.40% | | 07:00 | EUR | Germany CPI Y/Y Nov F | 3.20% | 3.20% | 3.20% | | 09:30 | GBP | Consumer Inflation Expectations | 3.30% | 3.60% | | 13:30 | CAD | Capacity Utilization Q3 | 79.70% | 81.40% | 81.40% | | 13:30 | USD | Nonfarm Payrolls Nov | 199K | 190K | 150K | | 13:30 | USD | Unemployment Rate Nov | 3.70% | 3.90% | 3.90% | | 13:30 | USD | Average Hourly Earnings M/M Nov | 0.40% | 0.30% | 0.20% | | 15:00 | USD | Michigan Consumer Sentiment Index Dec P | 61.7 | 61.3 |
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