A new year arrives, focus turns to US labor market data
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An exciting beginning of the 2024 trading year is ahead. Next week, economic reports include the US and Canada Job Reports and inflation figures from the Eurozone. The FOMC will release the minutes of its latest meeting. Here is what you need to know for next week: The beginning of 2024 brings key economic reports that will influence monetary policy expectations from the Federal Reserve (Fed) and the European Central Bank (ECB). The action will commence on Tuesday as market functions return to normal after the holidays. The focus regarding US data will be on the labor market, with the JOLTS Job Openings on Wednesday, followed by the ADP Employment Report and Jobless Claims on Thursday, and Nonfarm Payrolls on Friday. Additionally, the ISM Manufacturing and ISM Services reports are scheduled for release on Wednesday and Friday, respectively. Market participants will also closely scrutinize the FOMC minutes of the December meeting, which will be released on Wednesday. Analysts at TD Securities on the Fed A rapidly improving inflation outlook and the specter of rising real rates have led the Fed to start considering the case for policy easing in 2024. Powell alluded to this possibility at the Dec FOMC, but Fed officials since then have pushed back on the idea of imminent easing. We expect the minutes to unveil that the FOMC is not entertaining the case for rate cuts just yet. After Santa’s rally, a new challenge emerges on Wall Street. Stocks finished the year 2023 with solid gains, reaching record highs. The question is whether this momentum can hold next week or if it is time for a correction. US Dollar price this week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the…
Filed under: News - @ December 30, 2023 10:18 am