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Nothing supports the greenback


6 September 2021

EURUSD is stable after Friday’s statistics on the US labour market. The major currency pair is looking neutral early in the week. The current quote for the instrument is 1.1863. The Unemployment Rate in the USA dropped to 5.2% in August, the same as expected, after being 5.4% in the previous month. The Average Hourly Earnings added 0.6% m/m after expanding by 0.4% m/m in July and against the expected reading of 0.3% m/m.

The Non-Farm Employment Change showed 235K, which is significantly worse than the expected reading of 720K. The July reading was revised upwards and showed 1.053M.  The demand for service dropped in August due to an increasing spread of the coronavirus disease and it influenced the number of new jobs. At the same time, the impulse on the labour market was strong enough to support the average growth in the country. 

Some experts are sure that the employee pool might increase after schools and other educational facilities get back to their normal life. However, the existence of the delta strain and the speed at which it is spreading may prevent some categories of unemployed from getting back to work. Of course, the global pandemic made the US labour market situation significantly change. It does not necessarily mean that weak numbers will make the US Federal Reserve System revise its plans relating to the reduction of the QE program this year. However, never say never. 

#source

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