April 18, 2024

Briefly –

  • Friday’s NFT data shows the U.S economy is resilient.
  • The U.S dollar remains bid.
  • Fed to introduce another 75 basis point rate hike.

The investing community awaited the crucial economic release this month (on last Friday) – the U.S non-farm payroll (NFP) report.

Unfortunately, news about the assassination of Shinzo Abe, former Japanese Prime Minister (during a political rally), shadowed the trading day.

Ave was a Japanese visionary leader. Many will remember the Abenomics designed to revive Japan from deflationary periods to where the economy steadies and the whole society benefits.

However, the news didn’t affect the West financial markets. The market went down following regular global updates, including the Europe war, rising inflation, higher energy prices, and U.S gun control issues.

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So, the Friday, June NFP report release touched on these facets. Despite all the gloom and doom, the report indicates a resilient U.S economy.

Moreover, it gives the Federal green light to introduce fund rates increase, targeting another 75 basis point hike this month.

The United States economy added approximately 372K new jobs last month, whereas the unemployment rate stabilized at around 3.6%. Business and professional services, leisure & hospitality, and health care led the way.

U.S Economy Resilient

The financial market has already begun contemplating a recession in the United States. The latest polls indicated that American businesses and households anticipate a recession.

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Moreover, most market players trust recession is underway. However, last Friday’s non-farm payroll data reveals the opposite.

Besides the United States adding jobs quicker, the unemployment rate stayed near lows never witnessed before the COVID pandemic.

The U.S economy performs better than dreaded while showing resilience amidst economic and geopolitical adversities. That means a bullish stance for the USD from a fundamental standpoint.

Strong Job Report Opens Patch for Fed’s 75bp Rate Hike

The financial space didn’t have a massive response to Friday’s NFT data. That’s probably due to slow summer trading activities as market players contemplate the upcoming summer holidays.

However, the data offered the Federal a green light to introduce another 75 basis point rate increase in July. It adopted similar moves in June. Thus, the rate differential favors the USD against peers, so buying will likely continue.

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