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Sunday, December 10, 2023
NewsUS jobs data puts pressure on the dollar and attention turns to the Fed

US jobs data puts pressure on the dollar and attention turns to the Fed

Tuesday’s data showed new jobs fell in the United States for the third consecutive month in March, and the rate of layoffs was the highest in more than two years, signifying a slowdown in the labor market, which could help the Fed fight inflation.

The dollar index, which measures the US currency against six competing currencies, fell 0.25% to 101.70 points at 0335 GMT.

The U.S. central bank is widely expected to raise interest rates by 25 basis points today, but investors will focus on any indication the bank issues of whether it will temporarily stop raising interest rates. interest or whether it will continue to tighten them.

The CME FedWatch Index showed market expectations that the Fed would raise interest rates by 25 basis points rose to 86.7%, from 13.3% who expected them to remain unchanged. .

Meanwhile, the euro rose 0.25% to $1.1026, extending gains overnight ahead of Thursday’s European Central Bank meeting.

The Japanese yen continued lower, down 0.33% to 136.11 to the dollar, to top off losses suffered last week when the Bank of Japan stuck to its ultra-loose monetary policy.

For its part, the Australian currency continued its ascent quietly, benefiting from the decision of the Reserve Bank of Australia, which raised the interest rate on Tuesday surprisingly to 3.85%, to evolve today, on the rise. 0.08% to 0.6666 against the dollar.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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