Economy
USA Nonfarm payroll employment edged down (-85,000) in December, and the Employment rate was unchanged at 10.0 percent. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and health care added jobs.
The US Dollar slide further overnight, though not aggressively so, as minutes from the FOMC carried dovish undertones. US policymakers remained cautious on the economic outlook and their forecasts had not changed appreciably from the previous meeting. There also seemed to be no indication that the FOMC was moving forward with its exit strategy for which it has described a clear time-line.
Major Economy and Forex Market Headlines - Previous Session
- US Dec. Challenger Job Cuts out at -72.9% y/y vs. -72.3% prior
- US Dec. ADP Employment Change out at -84k vs. -75k expected and revised -145k prior
- US Dec. Non-manufacturing ISM out at 50.1 vs. 50.5 expected and 48.7 prior
- NZ Nov. Trade Balance out at –NZ$269 mln vs. –NZ$299 mln expected and revised –NZ$495 mln prior
- AU Nov. Trade Balance out at –A$1.7 bln vs. –A$1.8 bln expected and revised –A$2.08 bln prior
- AU Nov. Retail Sales out at +1.4% m/m vs. +0.3% expected and revised +0.4% prior
GBP traded on the soft side all day yesterday after an early rally, with various stories, commentaries linked to its depressed state. After S&P placed the UK’s AAA credit rating on negative outlook last May, PIMCO’s head of global portfolio management commented that the UK government faces an 80% chance that a rating downgrade will follow if its deficit reduction plans remain as they are.
Read more: GBP traded on the soft side all day yesterday after an early rally...
The US ISM manufacturing index rose from 53.6 to 55.9 in December, well above forecasts centered on a result at 54.3. All major components rose except exports with new orders at a 5-year high. But US construction spending fell 0.6pct in November, the seventh decline, and putting spending at a 6-year low.
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Currency Converter
Central Banks Interest Rates
| US | 0.25% |
| UK | 0.5% |
| EMU / EURO | 1% |
| Japan | 0.1% |
| Switzerland | 0.25% |
| Canada | 0.25% |
| Australia | 3% |
| New Zealand | 2.5% |
| Sweden | 0.25% |
