- Asian session review: USD edges lower as investors await U.S. August employment report
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Asian session review: USD edges lower as investors await U.S. August employment report
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 01:30 | Australia | Trade Balance | July | 11.114 | 10.2 | 12.117 |
| 06:30 | Switzerland | Retail Sales (MoM) | July | -3.7% | -2.8% | |
| 06:30 | Switzerland | Retail Sales Y/Y | July | 0.1% | -2.6% | |
| 06:30 | Switzerland | Consumer Price Index (MoM) | August | -0.1% | 0.1% | 0.2% |
| 06:30 | Switzerland | Consumer Price Index (YoY) | August | 0.7% | 0.8% | 0.9% |
| 07:00 | Switzerland | Gross Domestic Product (YoY) | Quarter II | -0.7% | 9% | 7.7% |
| 07:00 | Switzerland | Gross Domestic Product (QoQ) | Quarter II | -0.4% | 2% | 1.8% |
USD declined slightly against most of its major counterparts in the Asian session on Thursday, as a cautious mindset continued to prevail in the markets ahead of the release of the U.S. employment situation report on Friday, which could provide clues on the timing of the Federal Reserve’s pullback in bond buying.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.03% at 92.42.
Progress on employment is crucial for the U.S. central bank. The Fed's Chairman Jerome Powell suggested last week that he would like to assess incoming data on the labor market before committing to a taper timeline. That means the August NFP report could be more consequential than usual.
Yesterday’s ADP employment report, which is viewed as a preview for the official jobs report, disappointed markets, as it showed that 374,000 jobs were added to private-sector payrolls in August, which was well below economists’ forecast of 613,000. This raised hopes for extended support from the U.S. central bank, putting pressure on USD.
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