Sat, Dec 04, 2021 @ 16:01 GMT
HomeContributorsFundamental AnalysisPayrolls Cement Expectations Of A Fed Rate Hike In June

Payrolls Cement Expectations Of A Fed Rate Hike In June

The U.S. dollar was seen easing back towards Friday’s close after a solid performance during the week. The monthly payroll figures showed that the U.S. economy added 223,000 jobs during the month of May, beating estimates by a strong margin.

The U.S. unemployment rate also fell to an 18 year low to 3.8% while the median forecasts expected to see the unemployment rate staying unchanged at 3.9%. Wage growth also increased 2.7% on an annual basis for the year ending May.

Elsewhere, the monthly manufacturing PMI in the UK showed an increase to 54.4. This was higher than the estimates of 53.5 and up from the previous month’s 53.9.

Looking ahead, the economic calendar for the day will see the release of the UK’s construction PMI. Forecasts show that construction PMI might have eased to 52.0 from 52.5 in April.

In the U.S. the factory orders data will be coming out. Forecasts point to a 0.4% decline.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading