What will the USD price be like after rising sharply last week?
According to Investing, the USD opened the week at a modest level compared to the previous week as it ended a week of weakness against a basket of currencies, as investors assessed a jobs report that showed US hiring increased. widely in September but the pace of wage growth is also slowing down.
The USD index rose as high as 106.98 last week after data showed US nonfarm payrolls increased by 336,000 jobs last month. The August numbers were revised higher, showing an addition of 227,000 jobs instead of 187,000 as previously reported while economists polled by Reuters had forecast September payrolls would increase by just 170,000. job.
Karl Schamotta, strategist at Copay, said the data pushed up expectations for a deeper first rate cut by the end of 2024, but did not convince market participants of a rate hike. different this year, meaning short-term yields - which play a key role in driving foreign exchange movements - remained relatively stable.
According to CME's FedWatch tool, after payrolls, U.S. interest rate futures show a 42% chance of a rate hike by the end of the year, up from about 33% on Thursday.
The USD index rose as high as 106.98 last week after data showed US nonfarm payrolls increased by 336,000 jobs last month. The August numbers were revised higher, showing an addition of 227,000 jobs instead of 187,000 as previously reported while economists polled by Reuters had forecast September payrolls would increase by just 170,000. job.
Karl Schamotta, strategist at Copay, said the data pushed up expectations for a deeper first rate cut by the end of 2024, but did not convince market participants of a rate hike. different this year, meaning short-term yields - which play a key role in driving foreign exchange movements - remained relatively stable.
According to CME's FedWatch tool, after payrolls, U.S. interest rate futures show a 42% chance of a rate hike by the end of the year, up from about 33% on Thursday.
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