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The US S&P Global Services PMI in March reported that business activity in the sector is slowing sharply, falling to contractionary territory for the first time since January 2023, amid higher inflation and the war in the Middle East.The index fell from 51.7 in February to 49.8, according to S&P. They noted that, “Overall, it was the lowest index reading for over three years and consistent with a fractional contraction in activity.” Rising input prices due to the surge in energy costs are one of the reasons that are weighing on the services sector, as the report read, “the latest price…
AUD/USD reverses earlier gains on Friday as stronger-than-expected US Nonfarm Payrolls (NFP) data supports the US Dollar (USD), adding modest pressure on the Australian Dollar (AUD), while price action remains subdued amid thin liquidity due to the Good Friday holiday.At the time of writing, AUD/USD is trading around 0.6900, after touching an intraday high of 0.6916. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is consolidating gains above the 100 mark.According to data released by the US Bureau of Labor Statistics, the US economy added 178K jobs in March, comfortably…
The USD/CAD rises some 0.14% on Friday after an outstanding employment report in the US, which nearly tripled economists’ projections, according to the US Bureau of Labor Statistics (BLS). At the time of writing, the pair trades at 1.3936 on thin liquidity trading as most global markets remain shut due to Good Friday.Strong payrolls revive Fed hold bets as BoC tightening eyedNonfarm Payrolls in March rose by 178,000, exceeding forecasts of 60,000, up from February’s downwardly revised figures of -133,000. The Unemployment Rate fell two ticks to 4.3%, below the Federal Reserve’s 4.5% long-run target, which means the central bank’s…
India’s forex reserves declined by $10.29 billion to $688.06 billion for the week ended March 27, marking the second consecutive weekly drop | Photo Credit: LEE JAE WON India’s forex reserves dropped by $10.288 billion to $688.058 billion during the week ended March 27, the Reserve Bank of India (RBI) said on Friday.In the previous reporting week, the overall reserves had declined by $11.413 billion to $698.346 billion.The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year, before the onset of the West Asia conflict.The rupee has come under pressure since…
EUR/USD trades in a tight range on Friday as a stronger-than-expected US Nonfarm Payrolls (NFP) report lends support to the US Dollar (USD), while the Euro (EUR) holds relatively steady amid thin liquidity conditions due to the Good Friday holiday.At the time of writing, the pair trades around 1.1534, remaining on the back foot for the second straight day after rising to a one-week high of 1.1627 on Wednesday. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is hovering near the 100 mark.According to data released by the US Bureau…
United States President Donald Trump is on the wires on Good Friday, claiming on Truth Social that the US can easily reopen the Strait of Hormuz, take the oil, and make a fortune.With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A “GUSHER” FOR THE WORLD??? President DONALD J. TRUMP”Market reaction to the newsThe US Dollar trades marginally higher on the day, helped by an upbeat March Nonfarm Payrolls report, although thinned market conditions due to Easter Holidays keep it within familiar levels. Employment FAQs Labor market…
Nonfarm Payrolls (NFP) in the United States (US) increased by 178K in March, according to data released by the US Bureau of Labor Statistics (BLS) on Friday. The figure marks a marked reversal from February’s 133K drop (revised from -92K) and came in well above market expectations for a 60K gain.Elsewhere in the report, the Unemployment Rate ticked lower to 4.3% (from 4.4%), while the Labor Force Participation Rate edged marginally lower to 61.9% from 62%. At the same time, wage pressures showed a slight downtick, with annual growth in Average Hourly Earnings easing to 3.5% (from 3.8%).” The change…
USD/JPY trades flat on Friday, fluctuating between minor gains and losses as thin holiday liquidity keeps price action subdued. At the time of writing, the pair is trading around 159.58, with traders staying on the sidelines ahead of the US Nonfarm Payrolls (NFP) report.The upcoming US jobs report is expected to show a mild recovery in hiring, with Payrolls forecast at 60K following February’s sharp 92K decline, while the Unemployment Rate is seen unchanged at 4.4%.A stronger-than-expected reading could support the US Dollar (USD) and weigh on the Japanese Yen (JPY). However, the upside in USD/JPY appears limited as the…
The Euro (EUR) is trading sideways between 1.1530 and 1.1550 against the US Dollar (USD) in a holiday-thinned session, with most markets closed on Good Friday. The pair is on track for a 0.3% weekly appreciation, yet with price action trapped halfway through March’s trading range.Mild risk aversion is keeping Euro rallies in check as the Iran war enters its 35th day, while markets shift their focus, at least temporarily, to the US Nonfarm Payrolls report, due later on Friday. The US economy is expected to have created 60K new jobs in March, to partially offset February’s 92K decline, with…
The Australian Dollar’s (AUD) recovery attempt against the US Dollar (USD) has been capped a few pips ahead of the 0.6920 level. The pair has been trimming gains on Friday, returning to the 0.6900 area at the time of writing, with all eyes on the release of the US Nonfarm Payrolls report.A moderate risk aversion is keeping safe haven assets like the US Dollar buoyed on Friday as the Iran war continues without a clear end in sight and the Strait of Hormuz remains closed, adding pressure on exporting economies such as Australia. Bahrain’s proposal to reopen Hormuz finds oppositionThe UN…