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On Friday, the US currency dipped after data uncovered that the American economy only managed to generate 20,000 jobs last month, which is below expectations due to the fact that the US economy is nearly at full employment.
The numbers actually indicate rather a mixed picture of the American economy because the unemployment rate went down more than anticipated and wage inflation speeded up beyond estimates.
Assessing the purchasing potential of the major US currency versus its primary peers the USD index declined by 0.35% trading at 97.285.
Moreover, trade tensions result in a weakening greenback.
In addition to this, China and the United States have pushed back their tentative plans for a summit to have a trade agreement signed because of unresolved differences that raise doubts that the world’s two leading economies will resolve their year-long clash.
The evergreen buck went down versus the safe-haven Japanese yen. As a matter of fact, the currency pair USD/JPY headed south by nearly 0.2% ending up with a result of 111.68.
Aside from that, the Canadian dollar managed to surge. The currency pair USD/CAD slumped by about 0.19% trading at 1.3425, reacting to data that disclosed that the Canadian economy generated more jobs than anticipated in February.
Furthermore, the currency pair AUD/USD tacked on by about 0.3% being worth 0.7032. As for NZD/USD, this currency pair dived by 0.6% hitting 0.6794.
Additionally, the UK pound decreased. The currency pair GBP/USD slipped by 0.18% trading at 1.3058 because Prime Minister Theresa May told that nobody knows what would occur if her Brexit deal is rejected by Parliament.
The common currency went up because of the weaker evergreen buck. The currency pair EUR/USD tacked on by up to 0.3% trading at 1.1230.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
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