- The USD ended the week higher against major world currencies as the U.S. economy added far more jobs than expected in December.
- The job report will be closely watched by Fed officials as they weigh the possibility of rate cuts in the coming months.
- U.S. nonfarm payrolls increased by 216,000 last month, rising from a downwardly revised figure of 173,000 in November and surpassing the expected 170,000 jobs, according to figures from the Bureau of Labor Statistics released on Friday.
- The unemployment rate came in at 3.7%, matching the pace registered in the prior month and slightly below the expected 3.8%. Average hourly earnings, meanwhile, grew by 0.4% on a month-on-month basis, marginally faster than projections of 0.3%, and equal to the rate posted in November.
- U.S. jobless claims were also stronger than expected, rising by 202,000 after an upwardly revised 220,000 last week – the lowest number since October – pointing to tightness in the labor market.
- The INR ended the week higher despite exhibiting weakness for most of the week.
- The gains in INR came as India's gross domestic product (GDP) is estimated to grow by 7.3% in 2023-24, up from 7.2% in 2022-23, according to the advance estimate released by the Ministry of Statistics on Friday.
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