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We have seen a week full of economic events and developments regarding the COVID-19, but this week may not be any less important than last week, as we wait for many economic data that will prove the trends of the major economies amid global health crisis threatening the global economy.
The US economic figures that were released yesterday managed to stop the US Dollar downward pressure, holding above the same key support which stands around 93.0.
The Federal Reserve left the market uncertain about its next approach. The FOMC Meeting Minutes showed a notable split between the members.
Some members continued to show their concerns about low inflation and the reasons behind the recent slowing down, while other members are still arguing that low inflation is a transitory period, despite the fact that inflation has been declining since the beginning of the year, according to their most respected inflation index (Core PCE Price Index).
Since the beginning of the week, the US Dollar Index has been declining, despite the fact that the US Jobs Report which was released on Friday came in with a notable improvement in wages growth, driving the Fed Fund Futures to spike to 87% chance for 25bps rate hike in December meeting.
Gold and Silver had few weeks of consecutive declines, after rising to new highs of this year. Gold declined for the past four weeks, while Silver posted three weeks of consecutive declines, before bouncing off its recent lows last week.
US labor market data came at the top of last week's economic data, showing the US economy improved despite the economy losing 33,000 jobs in September, but wage and unemployment data showed a marked improvement. The desire for the independence of Catalonia from Spain also dominated the eurozone significantly.
After a week full of economic releases and events, which had a notable impact on the markets. Another week comes in with few key economic indicators, which may drive the volatility lower across the board.
The US dollar is close to the end of the week at its highest level in 8 weeks near the levels of 94, following the positive data coming from the US economy, which ended with employment data where unemployment rates have fallen to its lowest levels since the levels since 2001 as well as rising wages to its highest level since January 2016, But the economy lost 33,000 jobs in September as a result of hurricanes in the United States, which policymakers described it as temporary.
In few hours, all eyes will be focusing on the US Jobs Report, which will be released around 12:30 GMT+, which likely to have a notable impact on the markets.
The report includes the Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings.
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