Previous Trading Days Events 08 Feb 2024

New claims for unemployment benefits fell slightly more than expected last week, confirming the views for labour market strength, coinciding with the previous months strong NFP data.

The labour market resilience is a major factor contributing to the delay of the anticipated interest rate cuts this year. U.S. central bank officials signalled on Wednesday that they were in no rush to lower borrowing costs until they were confident inflation was headed down to the Feds 2 target. 

As long as the labour market remains stable, the economy will continue to grow, and inflation will have some challenges during this last mile toward the Feds target, said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina.

Source httpswww.reuters.commarketsususweeklyjoblessclaimsfallmorethanexpectedlastweek20240208

Winners vs Losers

NZDUSD moved to the top of the weeks winners list with 1.05 gains so far. This month finds the USDJPY again on the top, leading with 1.58 gains so far. Bank of Japan BoJ Deputy Governor Uchida Shinichis dovish remarks on Thursday, saying that the central bank will not hike aggressively upon ending negative rates. The JPY saw a significant depreciation yesterday against the dollar. 125 pips movement upwards for the USDJPY overall.

News Reports Monitor Previous Trading Day 08 Feb 2024

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Midnight Night Session Asian

Chinas inflation is coming…