Market Overview
The US Dollar Index (DXY) is holding firm ahead of a crucial jobs report, as traders digest mixed economic indicators. On Thursday, US unemployment claims rose to 219K, exceeding the 214K forecast and 208K previous figure, signaling potential labor market softening. However, preliminary nonfarm productivity increased 1.2%, slightly below expectations, while unit labor costs surged 3.0%, reinforcing inflationary concerns.
On Friday, markets will focus on the Non-Farm Employment Change, expected to show 169K jobs added, down from the previous 256K, alongside the unemployment rate, which remains steady at 4.1%. A weaker report could fuel speculation of Federal Reserve rate cuts, potentially pressuring the USD, while stronger-than-expected data may support further resilience.
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