Global Forex Market

THE greenback added 0.35% to 97.08 on favourable job market data. Unemployment rate remained at 3.7% for the third consecutive month, with the labour force participation rate staying at 62.9% for the second consecutive month and wage growing at the same pace as in October by 3.1% y-o-y, 0.2% m-o-m. Also, the non-farm payrolls were below expectations, showing only 155,000 jobs added in November from 237,000 in October.

Upside gains on dollar were capped by the growing threat of President Trump shutting down the government over border funding issues despite the risk-off sentiment. Besides, US inflation was unchanged on a monthly basis as the decline in gasoline offset any increases in other indexes.

Core Personal Consumption Expenditure (PCE) edged up by 1.8% in October from a 1.9% in September, but still below the Fed’s 2% inflation target. The central bank is expected to clarify 2019’s rate hike plan in next week’s FOMC meeting.

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