Non-farm payrolls are expected to decline | IFCM India
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Non-farm payrolls are expected to decline

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IFC मार्केट्स से नवीनतम अद्यतन प्राप्त करने के लिए हमारे आधिकारिक चैनल की सदस्यता लें

Last week both the dollar index and the US stock prices rose. On Monday, no significant economic data came out in the US. Bearish momentum prevailed in the stock exchanges. The Dow index declined for the 8th time in a row. This is the longest and the most continuous slump since 2011. Investors negatively accepted the failure of Donald Trump’s attempt to abolish the healthcare insurance program (Obamacare) implemented by the previous US President Barak Obama. The US dollar index updated a 4-month low. Market participants started to doubt the new president’s ability to fulfill the promised reforms on supporting the US economy.

However, already on Tuesday, their sentiment improved due to the publication of the Consumer Confidence index for March. It sharply rose and reached a 16-year high. Basically, this happened due to the rather sustainable labor market condition in the recent months. On this background, on Tuesday, the S&P 500 stock index showed a record growth in 2 weeks. The US dollar also strengthened due to positive statements by the Fed representatives regarding possible rate hikes.

On Wednesday and Thursday, the rally continued in the US financial markets. At the beginning, it turned out that investors expect an increase in the total income of corporations from the S&P 500 list by substantial 10.1% according to the results of the Q1, 2017. The Chicago Fed president Charles Evans reported that he supported the further rate increase. On Wednesday, no important economic statistics were released. On Thursday, the US GDP growth for Q4, 2016 was revised up from +1.9% to 2.1%. This added optimism to market participants.

However, this could not refrain the US markets from a slight decline on Friday. Investors sold dollars on the background of the report by the New York Fed president William Dudley that there was no need to hurry with a rate hike. Weak statistics added some negativity. The Michigan University Consumer Confidence index for March and the personal expenses for February appeared to be worse than expected.

This Friday, significant data on the US labor market for March will come out. We believe, that preliminary forecasts are negative. On Wednesday, the March Fed meeting minutes will be released which may also impact financial markets dynamics.

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