As the first trading week of the new year draws to a close all eyes will be on the US non-farm payrolls report released at 13.30 this afternoon. The data represents December hiring and is expected to come in at 400,000 jobs. However, the mid-week data showing private payrolls in December printed at 807K. As a result, with public sector hiring factored into that number, hopes have built up for another strong NFP report which could spark further concern that the Federal Reserve will be forced to tighten policy faster than expected.
The greenback has not reacted as many would have forecast in wake of the mid-week surprises on the data front and with the more hawkish Fed minutes. It’s lost ground against the pound, euro, and yen and doesn’t appear to be pricing in a positive outcome from today’s report.
Have a good weekend.
Written by Viv Savani. 6:55am, January 7th 2022Share
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