US Dollar Slumps following Non-Farm Payrolls Miss

Pound (GBP) Subdued as Covid Disruption Continues 

The Pound (GBP) was muted on Friday as Covid-related staff absences continued to cause disruption across the country. 

Military personnel were drafted in to help the NHS, while Northamptonshire declared a system-wide major incident status

Amid a lack of data today, Omicron news may continue to drive movement in the Pound. 

Euro (EUR) Firms following Strong Data 

The Euro (EUR) strengthened against most of its peers on Friday as Eurozone inflation and retail sales both printed higher than expected. 

A dip in the US Dollar (USD) in the afternoon further supported EUR due to the two currencies’ negative correlation. 

Later this morning, the Eurozone’s latest unemployment figures will be published. Economists expect another drop in the jobless rate in November, which could boost the single currency. 

US Dollar (USD) Tumbles on Mixed Jobs Data 

The US Dollar (USD) fell sharply on Friday following the disappointing non-farm payrolls data. The US economy added 199,000 jobs in November, just half the 400,000 forecast. 

However, the US unemployment rate dropped by more than expected, falling from 4.2% to 3.9%. However, this was unable to prevent the sudden downside in USD. 

Despite a lack of market-moving data today, USD has regained some ground. Will hawkish Federal Reserve expectations continue to underpin the ‘Greenback’ through the European session? 

Canadian Dollar (CAD) Buoyed by Upbeat Jobs Data 

The Canadian Dollar (CAD) rose higher through Friday’s session after better-than-expected Canadian jobs data. However, softening oil prices and a disappointing Ivey PMI capped the upside. 

In the absence of Canadian data today, movements in the oil market could be the primary influence over the commodity-linked ‘Loonie’. 

Australian Dollar (AUD) Rises amid Risk-On Trade 

The Australian Dollar (AUD) rose against many of its peers overnight amid a risk-positive mood, though it stumbled as the European session began. 

New Zealand Dollar (NZD) Undermined by Omicron Fears 

The New Zealand Dollar (NZD) struggled to gain ground overnight amid warnings that the country is not prepared for the inevitable arrival of Omicron. 

Samuel Birnie

Contact Samuel Birnie


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