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.
US nonfarm payrolls edge up more than anticipated in November
In November, the US monthly employment report demonstrated that the American economy generated more jobs than anticipated. The overall unemployment rate was still intact and wage inflation rallied less than anticipated, according to official data published on Friday.
In November, non-farm payrolls edged up by 228,000, following October’s outcome of 244,000, which was updated down from the initial jump of 261,000. The given outcome surpassed the consensus forecast for the creation of up to 200,000 jobs.
As for the jobless rate, it held at 4.1% in November, which is in line with expectations.
In November, average hourly earnings added by 0.2%, which is below estimates for a jump of 0.3%.
The leap in wages is being closely watched by the Fed for evidence of diving slack in the labor market and also upward pressure on inflation. Market experts expect a surge of 3% or more to be consistent with ascending inflation.
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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