The primary currency pair fell on Tuesday. The current EURUSD exchange rate stands at 1.0760.
Fans of the US currency are closely monitoring the US labour market statistics for November. The first data released yesterday was weak. ADP employment change figures increased by 103,000, while a rise of 130,000 was expected. The figure saw a gain of 113,000 a month ago.
Such weak employment market statistics suggest that the Federal Reserve’s stringent measures yield results, at least in cooling down the economy and easing inflationary pressure.
In these circumstances, Friday reports are critical. The unemployment rate (3.9% according to forecasts), nonfarm payrolls (+ 175,000-180,000), and average earnings are scheduled to be released. All these factors will determine the USD trajectory in the medium term.
While there is no direct correlation between the ADP data and Friday’s NFP, it is possible to gain the general impression, which is quite discouraging.