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Sunday, December 4, 2022

Super dollar falls ahead of US jobs data

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The yuan offshore strengthens a 1.3% up to a maximum of one week 7.2277 units per dollar. The euro upload a 0.24% to $0.9772. The pound sterling grows a 0.6%, to $1.1228, trimming gains from the Asian session. The Dollar index falls 0.5% to 112.270.

Nevertheless, the European currency is headed for a 1.9% drop and the pound sterling for a 3.4% decline on the week, both the largest since the third week of Septemberwhen then British finance minister Kwasi Kwarteng announced a now-withdrawn set of fiscal policies.

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The dollar has strengthened across the board this weekafter the chairman of the Federal Reserve, Jerome Powell said on Wednesday that the central bank could continue to raise interest rates if inflation does not slow down, which had markets pricing in a higher spike in US rates.

On the contrary, the markets read a pessimistic message in the comments of the authorities regarding the rise in rates of the Bank of England Thursday and from European Central Bank last week, while the central banks of Norway, Canada and Australia have also recently surprised with dovish signs.

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The data on payroll in the United States which will be published on Friday afternoone will provide the latest indication of the health of the US economy. Economists polled by Reuters forecast an increase of 200,000 jobs last month, after an increase of 263,000 in September.

These data may fuel the idea that the Fed is going to sustain its aggressive policy of raising rates.

Data on Friday showed that the business activity in the euro zone contracted last month at the fastest pace since the end of 2020.

Source: Ambito

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