Dollar climbs off two-week low ahead of private sector employment data

2021-12-01 14:26:07 GMT (Economies.com)
Dollar climbs off two-week low ahead of private sector employment data

US dollar rose in European trade against a basket of major rivals following bullish remarks by the Federal Reserve and ahead of important economic data from the US, especially private sector employment data.

 

The dollar index rose 0.2% to 96.14, with an intraday low at 95.87, after losing 0.3% yesterday, marking two-week lows at 95.51 on risk aversion.

 

Moderna's CEO said in recent remarks that current Covid 19 vaccines won't be as effective against the Omicron variant. 

 

Across November, the dollar index rose 1.9% on prospects of a US rate hike soon, with Fed Chair Jerome Powell discussing the possibility of ending the bonds purchases programs a few months earlier than expected.

 

The statements bolstered the case for an accelerated rate of US policy tightening, with markets now fully pricing in a 25 basis points rate hike in June 2022.

 

Later today, investors await data on US private sector employment, and industries, with Powell completes his Congressional testimonies.

 

The ADP new jobs report is expected to show an increase of 525,000 new jobs in November, after adding 571K jobs in October.

 

The manufacturing PMI is expected at 61.3 from the US in November, compared to 60.8 in October.

 

 

 
 
 
  Symbol Last Change Chg.%
1.1282
-0.0015
0.1323%
1.3492
0.0015
0.1087%
Tadawul
12108.56
56.61
0.47%
23.781
-0.035
0.149%
84.980
1.439
1.722%
87.78
1.46
1.69%
1848.200
8.735
0.475%
 
 
Live Forex Updates