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Abstract:The Non-Farm Payrolls (NFP) report released on Dec. 4 missed the market expectation and highlighted job market weakness.
WikiFX News (7 Dec.) - The Non-Farm Payrolls (NFP) report released on Dec. 4 missed the market expectation and highlighted job market weakness. As a result, the US dollar declined to around 90.47, a low last seen over two-and-a-half years ago.
The latest NFP report missed the market expectation of 469k, with 245k new roles created in November. The Fed is expected to announce that it will purchase more longer-dated US bonds at 2020s last FOMC meeting. Markets also hope to see its efforts in keeping longer-term interest rates lower to help consumer borrowing and in boosting the ailing jobs market.
In addition, news about the vaccine roll-out inoculation in the UK fuels a risk-on move in the market, further dampening the haven dollar.
The dollars bull run was at an end, said Fund Managers at the Reuters Global Investment Summit, who are positioning for a weaker-dollar world.
Technically speaking, the dollar has fallen below the 94 barrier with no substantial support at 90, suggesting a breach below 90 is a matter of time amid the dollar's enduring downtrend.
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Chart: Trend of the DXY
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