Awaiting US NFP Data, Here's What Investors Need to Know!
Counting down to the publication of the US NFP jobs report, the currency market exhibited a flat movement in the European session.The USD dollar continued to maintain its strengthening momentum on the gains from the upbeat reading in the December US ADP employment data.Also helping the greenback's strength was the US jobless claims report which fell to a 3-month low last week.It indirectly gives hope for the release of stronger NFP readings in the upcoming New York session.Even so, initial market expectations saw slower growth in job gains of 200,000 from the previous 223,000.However, the US unemployment rate is forecast to remain strong at a record low of 3.7%.If the published reading is stronger, it could drive the US dollar higher.Looking at the movements of other major currencies, the Australian and New Zealand dollars traded almost unchanged although in the previous Asian session both currencies rose slightly.Meanwhile, the euro remains down at its weakest level in 3 weeks, while the pound is gloomy at its lowest level in 1 month against the US dollar.The dollar loonie slipped lower as markets also focused on the release of Canadian jobs data tonight.
Counting down to the publication of the US NFP jobs report, the currency market exhibited a flat movement in the European session.
The USD dollar continued to maintain its strengthening momentum on the gains from the upbeat reading in the December US ADP employment data.
Also helping the greenback's strength was the US jobless claims report which fell to a 3-month low last week.
It indirectly gives hope for the release of stronger NFP readings in the upcoming New York session.
Even so, initial market expectations saw slower growth in job gains of 200,000 from the previous 223,000.
However, the US unemployment rate is forecast to remain strong at a record low of 3.7%.
If the published reading is stronger, it could drive the US dollar higher.
Looking at the movements of other major currencies, the Australian and New Zealand dollars traded almost unchanged although in the previous Asian session both currencies rose slightly.
Meanwhile, the euro remains down at its weakest level in 3 weeks, while the pound is gloomy at its lowest level in 1 month against the US dollar.
The dollar loonie slipped lower as markets also focused on the release of Canadian jobs data tonight.
