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- European session review: USD little changed as investors await crucial U.S. May jobs report
European session review: USD little changed as investors await crucial U.S. May jobs report
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:30 | United Kingdom | PMI Construction | May | 61.6 | 62.3 | 64.2 |
| 09:00 | Eurozone | Retail Sales (MoM) | April | 3.3% | -1.2% | -3.1% |
| 09:00 | Eurozone | Retail Sales (YoY) | April | 13.1% | 25.5% | 23.9% |
| 11:00 | Eurozone | ECB President Lagarde Speaks | ||||
| 11:00 | U.S. | Fed Chair Powell Speaks |
USD changed little against its major rivals in the European session on Friday as investors awaited a key U.S. jobs report for May, set to be released today at 12:30 GMT.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.04% to 90.55.
Economists forecast that the U.S. employers added 650,000 jobs in May following April's gain of 266,000, while the unemployment rate decreased to 5.9% last month from 6.1% in April and hourly wages rose 0.2%.
Market participants have been closely watching for cues on the strength of the U.S. economic recovery and inflation and the possibility that the Federal Reserve might begin tightening monetary policy sooner than planned. A stronger-than-expected jobs/wages data could further stoke concerns about inflation and easing of the Fed's support, despite the repeated reassurances from the Fed officials that current price spikes are temporary and that it is too soon to tighten the central bank’s accommodative policy.
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