EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Greenback Starts to Recoup Losses After Upbeat Jobs Data
Published February 2, 2018
USD is seeing strong demand after this morning’s Jobs numbers, with Non-Farm Payrolls showing 200,000 jobs added to the economy in January. The unemployment rate remained unchanged at 4.1%, in line with expectations, and Average Hourly Earnings increased 0.3%, beating expectations of 0.2%.
In fairly typical, knee-jerk reaction, USD was up almost 1% versus the loonie.
Oil prices are down on the day despite positive news about OPEC compliance with respect to limiting output and production. This comes at the same time as shale oil production in Texas and North Dakota is surging; the volume of West Texas Intermediate crude futures is far outpacing contracts for London-based Brent crude, at least in Chicago, Houston, and New York.
WTI crude is down 0.20% to $66.25 with Brent crude down 0.60% to $70 at the time of writing.
Cryptocurrencies plummeted this morning as worries about a regulatory clampdown globally had investors scrambling. Several of the largest cryptos fell by more than 20%, with Bitcoin falling below $8,000.