EUR/USD bears take on the bulls as the US dollar starts the week off on the front foot – by fx_ross EURUSD DollarIndex ECB Fed CPI
labour market report which beat expectations. This upset risk assets such as stocks given that the outcome has pushed back against expectations that US domestic demand may be rapidly moving towards contraction.
Payrolls jobs gains beat expectations, rising 372k vs expectations of 265k and the Unemployment Rate was steady at 3.6% for a fourth consecutive month. The average hourly earnings also remained stable at 0.3% MoM and 5.1% YoY. However, the Participation Rate lost 0.1% to 62.2%. ''Labour supply is still not recovering amid very strong jobs demand,'' analysts at ANZ bank said in a note on Monday when assessing the data. ''The household survey showed unemployment broadly unchanged at 5.9m. Clearly, the pool of available skilled workers remains very tight. The number of people prevented from looking for work because of the pandemic was 610k, up from 455k in May. Total non-farm employment is 524k or 0.3% below pre-pandemic levels.''calendar.
Traders will also take note of the US Retail Sales. A recovery in June is expected, following the series' first contraction this year in May. ''Spending was likely aided by another firm showing in gasoline station sales and a rebound in the auto segment,'' analysts at TD Securities said. ''We also look for another gain in the eating/drinking segment as consumers continue to transition away from goods. That said, control group sales likely fell again.
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