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- European session review: USD weakens as risk sentiment improves; U.S. jobs report in focus
European session review: USD weakens as risk sentiment improves; U.S. jobs report in focus
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:00 | Germany | Factory Orders s.a. (MoM) | December | 2.7% | -1% | -1.9% |
| 07:45 | France | Non-Farm Payrolls | Quarter IV | 1.6% | -0.2% | |
| 07:45 | France | Trade Balance, bln | December | -3.79 | -3.39 | |
| 08:00 | Switzerland | Foreign Currency Reserves | January | 891.224 | 896.149 | |
| 08:30 | United Kingdom | Halifax house price index 3m Y/Y | January | 6% | 5.9% | 5.4% |
| 08:30 | United Kingdom | Halifax house price index | January | 0% | 0.3% | -0.3% |
USD fell against most of its major rivals in the European session on Friday as market sentiment got a boost from heightened optimism surrounding President Joe Biden’s massive COVID-19 relief proposal.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.13% to 91.41.
The U.S. Senate approved a budget resolution early Friday that paves the way for the Democrats in the upper chamber to pass Biden's $1.9 trillion stimulus plan without the support of the Republicans. The House would first need to approve the bill since new stimulus amendments were passed.
In addition, market participants prepare for the release of the closely watched U.S. jobs report, which is due at 13:00 GMT. Economists expect employment to rise by 50,000 jobs in January after a drop of 140,000 in December. Meanwhile, the unemployment rate is forecast to remain at 6.7 percent.
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