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Weak data on the US economy, in addition to data on the labor market, led to further strengthening of risky assets, including the European currency, which is gradually matching its annual highs as paired with the US dollar.
According to the report of the US Department of Labor, the number of initial applications for unemployment benefits for the week of 21 to 27 January fell by 1,000 and amounted to 230,000. Economists had expected the bids to be at the level of 235,000. The moving average fell by 5,000 to 234,500 in the reporting week.
Today, we expect a report on the unemployment rate in the US, as well as data on the number of people employed in the non-agricultural sector, which can provide significant support to the US dollar.
In general, the US labor market is in excellent condition, which allows the Fed to adjust its policy only relative to the level of inflation.
Labor productivity in the US in late 2017 decreased.
According to the report of the US Department of Labor, labor productivity outside agriculture in the fourth quarter of 2017 decreased by 0.1% per annum. Economists had expected that productivity in the fourth quarter would grow by 0.6% per annum. This is due to a slowdown in production growth.
It is important to note that even in the third quarter of 2017, productivity growth was at 2.7% per annum.
The US manufacturing activity index slightly decreased in January but remained above the 50-point mark, which indicates the continuation of good growth rates.
According to the Institute of Supply Management, the purchasing managers' index for the manufacturing sector in January 2018 was 59.1 points versus 59.3 points in December 2017. Economists had expected a larger decline in the index to 58.5 points.
Expenses for construction in the US for the month of December rose. According to the report of the US Department of Commerce, total construction costs in December rose by 0.7% compared to the previous month and amounted to 1.253 trillion US dollars. Economists had expected that the growth would be 0.3% in December. Over the entire 2017, construction costs increased by 3.8%.
As you can see, the versatile statistics failed to lead to a resumption of demand for the US dollar after the Fed's restrained report on monetary policy, which returned demand for risky assets. Investors are still waiting for changes in the policy of the European Central Bank, which is fueling demand for the euro.
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