US Dollar stands soft as markets await NFPs on Friday
The post US Dollar stands soft as markets await NFPs on Friday appeared on BitcoinEthereumNews.com.
US Dollar is under further scrutiny following dismal ADP and ISM Services PMI data Markets firming up their view of a September Fed rate cut. Investors are turning their attention towards the forthcoming Nonfarm Payrolls data from June on Friday. The US Dollar, represented by the DXY Index, has continued to show weakness as traders assess a series of Wednesday data releases. US traders will remain on the sidelines, celebrating Independence day. Concerns raised by signs of disinflation and a slowing labor market in the US are being taken into account by market participants, with a September rate cut now seeming more likely. Federal Reserve (Fed) officials are maintaining a conservative stance, however, starting to show concerns about the labor market struggles. Daily digest market movers: US Dollar softens further amidst poor data, markets prepare for Nonfarm Payrolls With US traders off to celebrate Independence Day, the market is left to digest Wednesday’s data releases. Private sector employment reported by Automatic Data Processing (ADP) came in lower than expected, with an increase of 150K jobs in June versus a forecast of 160K. Additionally, the weekly Jobless Claims came in at 238K, which was above the expected figure of 235 K. The US service sector displayed contraction in June signified by the ISM Services PMI, which hugely missed market expectations of 52.5 by declining to a record low of 48.8 from 53.8 in May. Minutes from the Federal Reserve’s June 11-12 meeting indicated that officials do acknowledge a slowing US Economy and easing price pressures, yet they refrained from any commitment to rate cuts, preferring a cautious data-dependant approach. Investors are now shifting their attention to Friday’s significantly important June Nonfarm Payrolls report. The Bloomberg consensus predicts 190K jobs, dropping from 272K in May, with ‘whisper numbers’ forecasting 198K. DXY Technical…
Filed under: News - @ July 5, 2024 1:22 am