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According to the Iranian Students News Agency, nuclear talks between Iran and the United States will be held in Oman on Friday, with a format similar to previous rounds.February 4th - US businesses added fewer jobs in January than expected, indicating a continued slowdown in the labor market at the start of the year. ADP Research data released Wednesday showed that private sector employment increased by only 22,000 jobs in January, below market expectations, and the previous months figure was revised downwards. Due to the partial shutdown of the federal government, the official data from the US Bureau of Labor Statistics was delayed, making ADP data likely the most complete reference for the January labor market this week. Despite some signs of stabilization in recent months, the lower-than-expected increase in private sector employment suggests that the labor market continued to cool in January. ADP data showed that education and healthcare services led hiring growth, while professional/business services saw its largest job decline since June of last year.ADP report: Salary growth for employed workers remained largely unchanged in January, with a year-over-year increase of 4.5%. However, the year-over-year salary increase for those changing jobs slowed to 6.4% from 6.6%.ADP report: The total number of new jobs in December has been revised from 41,000 to 37,000.Financial website InvestingLive commented on the US January ADP employment data: The situation is quite severe, with widespread loss of various white-collar jobs, while net job growth is almost entirely concentrated in government-related fields.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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