USD makes gains on stronger than expected jobs data
Friday 2 December, 2022
Daily Currency UpdateThe US dollar is retracing some of the losses it saw over the last 2 trading sessions on the back of stronger than expected jobs numbers this morning. The non-farm payrolls data for November showed 263,000 jobs added against a consensus 200,000. The official unemployment rate remained at 3.7%. The stronger jobs market is complicating the outlook on future Fed rate hikes. As a result, North American indices are pointing towards a lower open with Dow Futures already down over 400 points.
Key MoversThe euro made gains in the overnight markets as trade numbers in Germany outperformed expectations. The core trade numbers in Europe’s biggest economy were €6.9B to the positive, better than the €5.2 economists had predicted. Outside majors the Chinese yuan was the day’s big winner as further signs China is loosening Covid restrictions helped fuel an extension in the recent upward recovery.
- EUR/USD: 1.0441 - 1.0544 ▼
- GBP/USD: 1.2161 - 1.2296 ▼
- AUD/USD: 0.6756 - 0.6837 ▼
- USD/CAD: 1.3410 - 1.3501 ▲