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Weekly Roundup: Underwhelming jobs report limits potential for US dollar gains

currency-newsWeekly Roundup: Underwhelming jobs report limits potential for US dollar gains
Friday’s US non-farm payrolls report proved rather disappointing in nature, leaving the US dollar on a weaker footing as the labour market failed to tighten further and wage growth failed to pick up.

Investors were not impressed by the lacklustre nature of November’s jobs report, even though the unemployment rate remains at a historically tight level.

With Federal Reserve policymakers already showing signs of reticence this underwhelming data paves the way for interest rates to remain on hold for much of 2019, to the disappointment of markets.

Even with trade tensions between the US and China threatening to flare up once again the US dollar struggled to find much support ahead of the weekend.

Further weakness could be in store for USD exchange rates if November’s consumer price index eases as forecast.

Softening inflationary pressure would give the Fed further incentive to leave monetary policy unchanged next year, even though the CPI is not the central bank’s preferred measure of inflation.

As forecasts also point towards a weaker month of advance retail sales growth the mood towards the US dollar could sour further.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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