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Saturday, January 28, 2023

Super dollar fell and moved away from its highest value in a month

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The euro gained 1.2% to $1.0645, posting its biggest daily percentage gain since Nov. 11. The dollar fell 1% against the Japanese yen, to 132.07 units.

Employers added 223,000 jobs in December, above economists’ forecasts of 200,000.

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Wages also grew 0.3% last month, down from 0.4% in November and below forecasts of 0.4%. This factor slowed the year-on-year increase in wages to 4.6% from 4.8% in November.

“There was a little bit of fear that this could come across as too successful in terms of job growth,” which was a risk given the seasonal adjustments that are common in December,” said Mazen Issa, senior currency strategist at TD. Securities in New York.

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Still, “the numbers do no one any favors in determining whether the Fed needs to raise interest rates by 25 or 50 basis points at its next meeting.”

The dollar extended losses after the Institute for Supply Management (ISM) said its non-manufacturing PMI fell to 49.6 last month from 56.5 in November. It was the first time since May 2020 that the services PMI fell below the 50 threshold, indicating

Source: Ambito

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