Economic data mainly drove the US trading session on Friday. US job growth was the main protagonist in most of the incidents in the market’s story as US job growth soared in January amid a persistently resilient labour market, but a further moderation in wage gains could give the Fed …
Read More »WTI Crude Oil Loses Over 3.5% On Robust US Jobs Data
Oil prices dipped to three-week lows on Friday during a remarkably volatile US trading session, volatility even deepened following the robust US jobs report that renewed existing concerns about future higher interest rates in the USA as investors seek clarity on the imminent EU embargo on Russian refined products. Brent …
Read More »US Dollar Still Soaring Following Huge Jobs Report
The US dollar leaped on Friday after data showed that US employers added significantly more jobs in January than economists expected, possibly paving the way ahead before the American central bank to add further interest rate hikes in coming monetary policy meetings.The Labour Department’s closely monitored NFP report showed that …
Read More »USD/CAD climbs on remarkably positive NFP data
The USD/CAD resumed its uptrend once it reclaimed the February 1 daily high at 1.3379. the pair climbs in the US trading session after hitting a daily low of 1.3311 before Wall Street opened.The strong US jobs report boosted the US dollar, the strongest currency across the forex board. At …
Read More »Wall Street plunge in reaction to NFP data
US stocks plunged lower on Friday morning as traders digested the much stronger than expected jobs report for January, but recovered a little bit by midday trading after the US jobs report far exceeded expectations while the unemployment rate fell to a historic low of 3.4%. Stock market’s steep decline …
Read More »Poor UK data could impose pressure on the GBP
The change in the Bank of England’s rhetoric is favouring additional interest rate hikes in the upcoming policy meetings. Meanwhile, poor UK data is expected to drag the British Pound lower. The GBP/USD pair has fallen this afternoon, as the US Non Farm Payrolls data pointed to a surprise surge …
Read More »Could NFP Drive FOMC To Cautious Stance On Rate Hikes?
Friday’s NFP data by the US Bureau of Labour Statistics showed that Nonfarm Payrolls surged by 517K in January, above market consensus. The figure pushed the US dollar forward to rally. Analysts point out that there is still plenty of additional economic data from the beginnings of February till March’s …
Read More »Market Drivers – US Session 02/02/2023
The dollar recovered most of the ground lost in the aftermath of the Fed’s decision amid ECB and BOE monetary policy announcements. The dollar edged higher against most major rival currencies, with the JPY being its strongest rival and the GBP the weakest.Stock markets advanced, partially limiting US Dollar gains. …
Read More »How could USD React to January’s NFP Data?
On Friday, the US will release the official employment report for January. Some analysts expect a 220K increase in payroll and a modest increase in the unemployment rate to 3.6%. Other expectations suggest 185,000 rise in Nonfarm Payrolls data following the 223,000 increase in December. The first US NFP report …
Read More »CBE keeps Egypt’s rates unchanged
Contrary to most expectations, Egypt’s central bank kept interest rates unchanged for the first time since September, stating that it was monitoring the effects of last year’s cycle of monetary tightening on inflation which is at its highest level since 2018. The Monetary Policy Committee maintained the deposit rate at …
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