Last month, the Non-Farm Payroll positive release stood as a catalyst for the US dollar’s massive gains. The strong data point drove the US Dollar Index to the upside by a wide percentage margin, with the currency ascending to a multi-year high against its most liquid counterpart, the EURO hitting 0.99145 to 0.99990 price level below parity
According to the Fed chair, Jerome Powell in his statement during the last FOMC meeting;
“Job gain is robust in recent months; unemployment rate remains low, businesses keep hiring with increased output and the Federal Reserve core objective of full employment is met”.
Last month, the Non-Farm Payroll positive release stood as a catalyst for the US dollar’s massive gains. The strong data point drove the US Dollar Index to the upside by a wide percentage margin, with the currency ascending to a multi-year high against its most liquid counterpart the EURO
April experienced another solid increase in jobs at 428,000 compared to the forecast of 390,000 despite the business struggling to find suitable staff. Although wage pressures were not as intense as expected, this is likely to be a temporary lull as labor market tightness will keep upward pressure on inflation.
Lately, a report from yahoo finance relayed that half of the United States metro area has recovered jobs lost swiftly to the pandemic drift that almost cut off the engine of the economy. A huge compositional shift was seen across the Dallas city, Salt Lake City, San Phoenix, Nashville city with Austine and the Texas city toping the recovery chart.
The strength in the job market reported by the Labor department may push the Federal Reserve to further raise interest rates at its next policy meeting in May, according to the Fed Chair, Jerome Powell; U.S central bank must move expeditiously to raise rates and possibly more aggressive to keep high inflation from becoming entrenched.
Lately, a report from yahoo finance relayed that half of the United States metro area has recovered jobs lost swiftly to the pandemic drift that almost cut off the engine of the economy. A huge compositional shift was seen across the Dallas city, Salt Lake City, San Phoenix, Nashville city with Austine and the Texas city toping the recovery chart.
The non-farm payroll (NFP) report is a key economic indicator for the united states. It is intended to represent the total number of paid workers in the U.S excluding farm employees, government employees, private household employees, and employees of non-profit making organizations. The report is released every first Friday of a new month by the Bureau of labor statistics and is among the most market-moving data points for US Dollars, US equities, Treasuries, and Gold.
The strength of the economy last year stood in stark contrast to the collapse in activity in early 2020, but also speaks to the success of both the public and private sectors in quickly adapting to the unprecedented challenges created by the pandemic, that being said, potential headwinds still exist, as the global risks associated with COVID-19 pandemic persist.
Last month, the Non-Farm Payroll release drove the US Doller Index to the downside by some percentage point. This was triggered by a modest selling pressure as a result of the job data released that missed the market expectation by a wide margin. Commodities such as gold (XAUUSD) and Silver XAGUSD) gained momentum with slight upside gains. In the same order, EURUSD and GBPUSD were not left out of the ride as they edged higher in a decent bull run to 1.15852 and 1.36579 price levels respectively. In the report, the US job market rose by 194,000 in September, less than the market expectation of 500,000.
The January Non-Farm Payroll (NFP) report is a key economic indicator for the United States. It is intended to represent the total number of paid workers in the United States excluding farm employees, government employees, private household employees, and employees of non-profit making organizations.
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