Pay Attention To US Nonfarm Payrolls This Week

Pay Attention To US Nonfarm Payrolls This Week

Last week, the US data showed that GDP grew 2.1% quarter-on-quarter in the third quarter and that 199,000 initial jobless claims were filed throughout the week.

The U.S. dollar rose as a hawkish tilt by Federal Reserve policymakers, buoyed by strong U.S. data, contrasted to more dovish monetary outlooks in Europe and Japan

Several U.S. Federal Reserve policymakers said they would be open to speeding up the tapering of the central bank bond-buying programme if the high rate of inflation held, and move more quickly to raise interest rates, minutes of the Fed Nov. 2-3 policy meeting showed.

The discovery of the variant has sparked global concern, a wave of travel bans or curbs and a sell-off on financial markets on Friday as investors worried that Omicron could stall a global recovery from the nearly two-year pandemic.

Looking ahead, Fed Chairman Jerome Powell is due to testify on the CARES Act, the central bank’s pandemic-era stimulus program, before the Senate Banking Committee in Washington on Tuesday. Treasury Secretary Janet Yellen is also due to testify. The testimony will give markets new guidance about monetary policy outlook. 

The US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 550K in November from 531K in the previous month. The Unemployment Rate is expected to drop to 4.5% from 4.6%. Average hourly earnings are expected to come out 5.0%, year on a year basis.

In addition to that, this week's calendar also features U.S. data on Services PMI, ISM Non-Manufacturing PMI, as well as Factory Orders

In the eurozone area, we will focus on inflation data for November. Consumer price inflation hit a 13-year high of 4.1% in October, and it is expected to stay well above the ECB’s 2% target into next year.

29 Nov 21 (Mon)

03:49 am



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