USD Overview (06 September 2021)

#OPINIONLEADER#

ByJin Dao Tai

 SEP 6, 2021

Yesterday, USD weakened against most major currencies except CHF.

The Nonfarm Payroll jobs data released last Friday indicated a strong decline in the number of jobs created in August, causing a disappointment in the market although unemployment rate decline as forecasted and that average earnings continues to grow. Nonetheless, the number of jobs being added for the previous two months were revised upwards.

• Average Hourly Earnings m/m (Actual: 0.6%, Forecast: 0.3%, Previous: 0.4%)
• Non-Farm Employment Change (Actual: 235K, Forecast: 750K, Previous: 1053K revised from 943K)
• Unemployment Rate (Actual: 5.2%, Forecast: 5.2%, Previous: 5.4%)

Also, the ISM Services PMI data (Actual: 61.7, Forecast: 61.6, Previous: 64.1) released last Friday indicated that the services sector continues to expand strongly in August although there was a slight pullback.

U.S. banks will be closed today in observance of Labor Day. Expect lower trading volatility and volume during the usual U.S. market hours.