Friday, March 1, 2024

US jobs reports will remain unchanged heading into the weekend

The US Dollar (USD) came under heavy selling pressure, and the DXY Dollar Index fell nearly 0.5% amid falling US bond yields during the American session on Thursday. Markets remained relatively calm early Friday, while the focus was on the US January jobs report with non-farm payrolls and wage inflation figures. The University of Michigan will release revised January consumer sentiment index data, and the Census Bureau will release factory orders in December.

After Thursday’s lackluster jobs data, the US 10-year bond yield fell to its lowest level since late December, below 3.9%. Weekly initial jobless claims exceeded market expectations for the week ending January 27, and the ISM Manufacturing PMI employment index fell to 47.1 in January compared to 47.5 in December.

US nonfarm payrolls are expected to rise by 180,000 in January. The unemployment rate is expected to rise to 3.8%, and average hourly earnings are expected to increase by 0.3% per month.

US dollar quote this week

The following table shows the percentage change of the United States dollar (USD) against the major currencies this week.

USD EUR GBP CAD AUD JPY NZD CHF
USD -0.38% -0.43% -0.55% -0.25% -1.07% -0.94% -0.81%
EUR 0.37% -0.05% -0.18% 0.13% -0.67% -0.56% -0.43%
GBP 0.43% 0.05% -0.12% 0.18% -0.61% -0.51% -0.38%
CAD 0.56% 0.17% 0.12% 0.30% -0.49% -0.38% -0.26%
AUD 0.25% -0.14% -0.19% -0.30% -0.81% -0.68% -0.56%
JPY 1.05% 0.67% 0.76% 0.52% 0.79% 0.10% 0.24%
NZD 0.93% 0.57% 0.51% 0.38% 0.68% -0.13% 0.11%
CHF 0.80% 0.42% 0.37% 0.26% 0.54% -0.24% -0.14%

The heat map shows the percentage change of major currencies against each other. The base currency is selected in the left column, while the quote currency is selected in the top row. For example, if you select the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change shown in the box will represent EUR (base)/JPY (quote).

The Bank of England (BoE) left the bank rate unchanged at 5.25%, as expected, and revised down the inflation projection for 2024. In the press conference after the meeting, the governor of the BoE, Andrew Bailey, declined to comment on the possible timing of the shift in monetary policy. Although the first reaction caused a drop in GBP/USD, the pair benefited from renewed USD weakness and closed Thursday’s trading in positive territory above 1.2700. Early on Friday, the pair was trading in a tight range around 1.2750.

she USD/JPY It retreated and posted losses for the second day in a row on Thursday. The pair remained firm at around 146.50 in the European morning on Friday.

After hitting the lowest level in almost 7 weeks at 1.0780, the EUR/USD reversed direction and rose above 1.0850. The pair continued to rise to 1.0900 in the early hours of the European session.

The price of Gold gained strong momentum in the second half of Thursday and rose to its highest level since early January, above $2,060. At the time of writing, XAU/USD remains in a consolidation phase slightly below $2,060 pending the US employment report.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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