Daily Analysis: All Eyes on Monthly US Jobs Data
Published Last Updated 1 min read
Head of Corporate Clients
Our daily analysis of EUR, GBP and USD.
- Key monthly US jobs report due out today.
- Headline payrolls data for November is expected to come in at 180K versus 150K last month.
- Unemployment forecasted to remain unchanged at 3.9%.
- Renewed dollar strength this week coupled with a rebound in US Treasury bond yields.
- German CPI data released earlier showing November’s inflation figures confirmed at 3.2% reinforcing the market belief that the ECB has got eurozone inflation under control and can start to cut rates earlier than previously thought in 2024.
- EURUSD continues to trade below 1.08, seeing some strong support at 1.0760.
- Unlikely to see any major EURUSD moves prior to US Non Farm release at 1.30pm.
- JPY grabbed market attention yesterday, after BOJ Governor Kazuo Ueda’s comments to lawmakers that his job was going to get more challenging next week.
- This lead to speculation that he central bank will start lifting its sub-zero benchmark rate soon.
- The yen as a result hit a 3 month high
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