Sun, May 28, 2023

USA Jobs Data Wears Off, USD Starts to Slip | Wibest

Wibest – USA Jobs: A man counting US dollar bills.

Last week, the regularly scheduled Non-Farm Payroll showed impressive figures in USA jobs. The greenback and its indices immediately jumped following the positive news.

However, as of today, Monday, the upbeat data has started to wear off and traders are focusing more on trade war news.

The US dollar index, or DXY, slipped by 0.07% or 0.06 points this Monday. Meanwhile, the US dollar index futures for December 19, or DXZ19, inched down by 0.04% or 0.038 points in today’s trading.

The EUR USD exchange rate only moved up by 0.05% or 0.0006 points in sessions. The pair, however, extended its ranges from $1.1053 to $1.1070 this Monday.

Meanwhile, election news in the UK outweighed the USA jobs report from Friday, boosting the pound higher against the greenback. The GBP USD trading pair gained 0.18% or 0.0024 points and is currently exchanging for $1.3160 in sessions.

Forex traders started this week with a cautious sense, as trade news restrain the currency from continuing its rally.

Smashing Forecasts

Last Friday, the USA Jobs report, or Nonfarm Payroll report, exceeded the markets’ expectations, sending the greenback higher.

The country’s nonfarm payrolls surged from 156,000 to 266,000 in November. The results broke past expectations of 186,000 prior, recording the most significant increase in 10 months.

Meanwhile, the unemployment rate of the United States contracted from 3.6% to 3.5%, toppling over projections of stagnant figures.

Wibest – USA Jobs: Americans working at an office.

The upbeat results show that the country’s economy is doing well, bolstering the greenback along the way.

The USA jobs data also suggests that Trump’s trade war hasn’t spilled over the broader economy.

However, traders are still concerned that things could change if trade tensions continue to escalate further. This comes at the wrong time as the US President insists on adding the planned tariffs soon.

The new levies will affect $156 billion worth of goods from China and will start on December 15.



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