US dollar is at the mercy of US Nonfarm Payrolls, 94.60's and 95.80's eyed By ross_burland DollarIndex NFP EURUSD ECB
. Payrolls likely plunged in January, but only because of temporary Omicron fallout due to the vast number of people calling in sick early last month. This would be expected to be reflected in the data. officials have already made clear that they will discount weak data as temporary. Also, we see upside risk on average hourly earnings, with an already strong trend likely to be added to by temporary Omicron effects relating to the composition of payrolls and the length of the workweek. Our 0.
Analysts at Morgan Stanley is forecasting a 215,000 loss of jobs, a substantial downward revision to its previous forecast in what would be the first decline in the monthly US jobs report since December 2020. A Reuters survey shows economists expect 150,000 jobs were created in JanuaryFrom a daily perspective, the slide is heavy ad there are little signs, so far, of a bottom. 95.10 could be targeted in the coming sessions, 95 the figure guards 94.63 as the Jan. swing low.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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