Strong US Employment Report Boosts Dollar Against Major Currencies

Posted on Dec 8, 2023 by Ifi Reporter

In the wake of a robust employment report from the United States, the dollar remains stable against the Israeli shekel at NIS 3.70. The positive data, which surpassed expectations, has notably strengthened the American currency against the euro and the pound.

As of the latest market update:

  • Euro Falls by 0.5% to $1.07: The euro experiences a 0.5% decline, reaching $1.07 in response to the strong performance of the US dollar.

  • Pound Cut by 0.5% to $1.25: Similarly, the pound faces a 0.5% reduction, now standing at $1.25.

  • Euro Dips Slightly Against Shekel: Against the Israeli shekel, the euro registers a slight decrease, reaching 3.983 shekels.

  • Dollar Rises 0.5% Against Currency Basket: The US dollar sees a 0.5% increase against the basket of the six major currencies, reaching 103.975 points.

Key Factors from the US Employment Report:

  • 199 Thousand New Jobs Added in November: The US economy adds 199 thousand new jobs in November, surpassing the expected addition of 190 thousand.

  • Unemployment Rate at 3.7%: The unemployment rate stands at 3.7%, beating the expected rate of 3.9%.

  • Average Hourly Wage Increases: The average hourly wage shows a 0.4% monthly increase, up from 0.2% in October, surpassing the expected 0.3%.

  • Interest Rate Decision Looms: The Federal Reserve, led by Chairman Jerome Powell, is set to make its final interest rate decision for the year next week. In early November, the interest rate was left unchanged at 5.5%, a 22-year record, with indications of a possible future increase.

Context on Previous Federal Reserve Actions:

  • Interest Rate Unchanged in November: The Fed maintained the interest rate at 5.5% in early November, continuing the trend from the September decision.

  • Inflation Slows Down: Recent data reveals a notable slowdown in US inflation in October, dropping to 3.2% on an annual basis from 3.7%. Market expectations were for a 3.3% annual increase. The monthly inflation rate also decelerated, contrary to predictions.

In summary, the positive employment report has positioned the US dollar favorably against major currencies, setting the stage for the upcoming Federal Reserve interest rate decision.


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