It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
American employment surge is seen rebounding
In April, American job surge rebounded and wages inched up, thus indicating a further tightening in labor market conditions, which could potentially pave the way for the Fed to have interest rates lifted already next month.
According to a Reuters survey of economists, the previous month nonfarm payrolls added by 185,000 jobs, having gained 98,000 in March.
The March revenue, perhaps the smallest in 10 months, was dismissed because payback after January’s and February’s unseasonably mild temperatures pulled forward hiring in weather-sensitive sectors including construction, hospitality and leisure.
The Labor Department is about to publish its closely watched employment report soon on Friday.
Job gains meeting expectations would definitely back the Fed's assentation that the common 0.7% annualized economic surge tempo in the first quarter turned to be transitory, as well as its optimism that economic activity would keep expanding at a moderate pace.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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