Greenback Firm As Markets Prepare For US Jobs Report
The US dollar is performing well so far this week as markets now begin to prepare for tomorrow’s non-farm payrolls data. The data reflects November hiring and, with the latest shift in perspective from the Fed, could be a major catalyst for an increase in the pace of tapering.
After Tuesday’s admission from Chairman Powell that inflation is now becoming a concerning element of the US economy, the focus has increased on the quite strange fact that emergency accommodation continues, potentially fuelling the rise in prices as more dollars chase fewer goods. The greenback has remained firm for a few months now and continues to add to its gains. Tomorrow’s November NFP report could well provide the dollar bulls with more ammunition to increase its value. Watch this space!
Written by Viv Savani. 5:28am, December 2nd 2021
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