Comprehensive Miss in Non-Farm Payroll Data Sends Dollar Plummeting
| Action Insight Daily Report 5-3-24 |
Comprehensive Miss in Non-Farm Payroll Data Sends Dollar Plummeting |
Dollar falls steeply in early US session following a disappointing non-farm payroll report that fell short of market expectations across key metrics including job growth, unemployment rate, and wage growth. DOW futures surge over 500 pts at the same time while 10-year yield dives through 4.5% mark. Despite the single month's data being insufficient for defining a trend, the NFP report has injected a fresh dose of optimism into the market, raising hopes that Fed might be more ready to start cutting interest rates this year. Currently, fed fund futures reflect a growing consensus among investors, with the probability of a rate cut in September rising to over 62%, up from 58% just a week earlier... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9079; (P) 0.9126; (R1) 0.9155; More.... USD/CHF's sharp fall and strong break of 0.9087 support confirms short term topping at 0.9223, after first rejection from 0.9243 key resistance. Intraday bias is back on the downside, and deeper fall would be seen to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. On the upside, above 0.9087 will now turn intraday bias again first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 06:45 | EUR | France Industrial Output M/M Mar | -0.30% | 0.30% | 0.20% | | 08:00 | EUR | Italy Unemployment Mar | 7.20% | 7.50% | 7.50% | 7.40% | | 08:30 | GBP | Services PMI Apr F | 55 | 54.9 | 54.9 | | 09:00 | EUR | Eurozone Unemployment Rate Mar | 6.50% | 6.50% | 6.50% | | 12:30 | USD | Nonfarm Payrolls Apr | 175K | 243K | 303K | 315K | | 12:30 | USD | Unemployment Rate Apr | 3.90% | 3.80% | 3.80% | | 12:30 | USD | Average Hourly Earnings M/M Apr | 0.20% | 0.30% | 0.30% | | 13:45 | USD | Services PMI Apr F | 50.9 | 50.9 | | 14:00 | USD | ISM Services PMI Apr | 52.3 | 51.4 |
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