Jump to content

Non-Farm Payrolls Special Coverage - February 3, 2023


Recommended Posts

Posted

Breaking News - US NFPs Surge to 517k vs 185k Expectations, Unemployment Rate Falls to 3.4%

Feb 3, 2023 | DailyFX
Nick Cawley, Senior Strategist

Preview: US non-farm payroll and unemployment rate | IG South Africa

Source: Bloomberg

 


US DOLLAR (DXY) PRICE AND CHART ANALYSIS

  • US NFPs smash expectations in January.
  • US dollar picks up a bid.

Total nonfarm payroll employment increased by 517k in January, and the unemployment rate fell to 3.4% according to the US Bureau of Labor Statistics. Hourly earnings also beat expectations. Last month’s NFP figure was also revised higher from 223k to 260k.

‘ Job growth was widespread in January, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike.’

 

 

image1.png

The Federal Reserve hiked interest rates by 25 basis points at this Wednesday's FOMC meeting, a move fully expected, and priced in by the market. Fed chair Powell, while continuing to stress that further rises are data dependent, added a new word to his FOMC vocabulary, disinflation, sending the US dollar lower and risk markets sharply higher. Powell said that it is a ‘good thing that disinflation so far has not come at expense of labor market’, adding that ‘this disinflationary period is in early stages’. While chair Powell will still keep tightening monetary policy to break the back of inflation, financial markets are now pricing in just one more 25bp rate hike at the March meeting before a pause in Q2 and Q3, while rate cuts are now seen in Q4.

FOMC Hikes Rates 25 bps as Expected, Leaves Open Further Hike Expectations

The US dollar (DXY) picked up a bid post-release rising around 60 cents to 101.90

US DOLLAR (DXY) DAILY PRICE CHART – FEBRUARY 3, 2023

 

image2.png

 

What is your view on the US Dollar – bullish or bearish?

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Many newcomers to cryptocurrency find the concept of staking challenging to understand. To help explain the process, there's an educational video guide available that demonstrates staking mechanics using $GRASS token as an example. The guide shows how this particular token currently offers staking yields between 20-25% APR." http:// https://vm.tiktok.com/ZMhpjg6L7/
    • As the bull run approaches, it's imperative to interact with exchanges that are secure and user-oriented. One way to assess this is by looking at their practice of constantly updating their Proof of Reserves (POR) and protection funds, which showcases transparency.   Bitget recently published its updated Proof of Reserves, reflecting a strong financial position with a total reserve ratio of 166%. This update underscores their commitment to transparency and user fund security, offering users reassurance about the platform's asset backing and liquidity.   The Proof of Reserves report provides an in-depth look at the exchange's holdings, detailing reserve ratios for major assets, including Bitcoin, Ethereum, and Tether (USDT). Each of these assets maintains a reserve ratio significantly above 100%, indicating that Bitget holds more than the total user balances in these assets, ensuring full backing and coverage.   By maintaining high reserve ratios, this demonstrates its proactive approach to safeguarding user assets and its dedication to best practices in asset transparency and security within the cryptocurrency industry. What do you think about this practice?
    • Bitcoin has been on a brilliant surge, reaching a new ATH of around $89,864. Although the price might have slumped slightly since then, it still has a thrilling 30% surge over the past seven days and 102% surge in 2024, while expectations are rife that its price could rise significantly higher before the end of 2024. Historically, whenever the world’s biggest cryptocurrency is on a tear as this, the market comes alive. While this has also applied in this current surge, memecoin enthusiasts will be keen to witness exponential pump orchestrated by the Bitcoin’s happy mood. For a good part of the year, memecoins have garnered the most attention particularly within Solana and Ton ecosystems, if memecoin market will witness a major rally, then these ecosystems will surely be on the forefront. With this likelihood, all eyes seems to be fixated on PNUT, a meme token on Solana Blockchain. The token pays homage to Late PNUT, a social media sensation squirrel rescued in 2017 by Mark Longo after its mother was killed by a car in New York City. Backed by Beeple, Elon Musk, Doge, Wif, and Justin Sun; PNUT successfully launched on Bitget where its volume is on the rise.  Bitcoin soars, could PNUT and other meme gaints respond accordingly?
×
×
  • Create New...
us