Ekonomické zprávy

Asian session review: the US dollar is showing negative dynamics

TimeCountryEventPeriodPrevious valueForecastActual
03:00JapanBoJ Interest Rate Decision -0.1%-0.1%-0.1%
07:00GermanyCPI, m/mFebruary1%0.8%0.8%
07:00GermanyCPI, y/y February8.7%8.7%8.7%
07:00United KingdomManufacturing Production (MoM) January0%-0.1%-0.4%
07:00United KingdomManufacturing Production (YoY)January-5.7%-5%-5.2%
07:00United KingdomIndustrial Production (MoM)January0.3%-0.1%-0.3%
07:00United KingdomIndustrial Production (YoY)January-4%-4%-4.3%
07:00United KingdomGDP m/mJanuary-0.5%0.1%0.3%
07:00United KingdomTotal Trade BalanceJanuary-7.150 -5.861
07:00United KingdomGDP, y/yJanuary-0.1%-0.1%0%
07:45FranceTrade Balance, blnJanuary-14.93 -12.94

During today's Asian trading, the US dollar declined slightly against major currencies, continuing yesterday's decline and retreating from a three-month high, as investors correct their positions ahead of a key US labor market report.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.12% to 105.18.

Earlier this week, Fed Chair Jerome Powell warned of higher and potentially faster interest rate hikes to contain high inflation.

Today, the report on nonfarm payrolls for February will be in the focus of investors' attention. This report will be crucial for assessing the short-term prospects of the US economy and monetary policy. The January employment report, released on February 3, was staggeringly strong. Employment increased by 517 thousand, which is almost three times higher than the consensus forecast. The unemployment rate dropped to 3.4% and reached a 53-year low. Unusually warm weather and other seasonal factors may have affected the January employment figures, but even leaving them aside, there has been an undeniable hiring momentum over the past few months. For the three-month period ending in December, nonfarm payrolls growth averaged 291 thousand per month. Employment growth is expected to have slowed sharply in February, but remained high. Equally important for Federal Reserve officials will be data on labor force participation and average hourly wages. A slowdown in wage growth would be a sign that labor supply and demand are returning to a healthier balance. According to forecasts, in February the nonfarm payrolls increased by 205 thousand after a rise of 517 thousand in January.

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