"Market focus is firmly on today's releases of the ISM Services PMI and the JOLTS job openings report. The services PMI is expected to edge slightly lower to 52.3, while job openings are forecast to decline to around 7.64 million. These figures will be followed by weekly initial jobless claims on Thursday and the closely watched December nonfarm payrolls report on Friday. Evidence of slowing economic momentum or further softening in the labour market could weigh on the dollar and yields."
"The US dollar was broadly steady on Wednesday, as investors adopted a cautious stance ahead of a busy slate of US economic data that could further shape expectations for Federal Reserve policy. Earlier this week, the ISM Manufacturing PMI pointed to the sharpest contraction in US factory activity since 2024, reinforcing concerns that growth momentum is losing steam. Markets are currently pricing in more than an 80% probability that the Fed will leave interest rates unchanged at its upcoming policy meeting."
The US dollar remained broadly steady as investors took a cautious stance ahead of major US economic releases that could influence Federal Reserve policy. The ISM Services PMI is expected to slip to 52.3 and JOLTS job openings are forecast to drop to about 7.64 million, with weekly jobless claims and December nonfarm payrolls following. A slowdown in economic momentum or a softer labour market could pressure the dollar and yields. ISM Manufacturing showed the sharpest US factory contraction since 2024, while Fed officials offered mixed signals; markets largely expect the Fed to hold rates but foresee two cuts this year.
Read at London Business News | Londonlovesbusiness.com
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