The dollar has lost some of its strength this morning following worse-than-expected PMI data and uncertainty around the upcoming interest rate decision in the US.
While the Fed revealed on Wednesday that it is ready to speed up the tapering of its monetary policy, the details around how soon and how fast remain up for question.
Non-manufacturing PMI fell to 62 in December, down from 69.1 in November and far below the market predictions of 66.9. Initial jobless claims also surprised markets, increasing in the final week of December as businesses made seasonal cuts. Nonetheless, they remain around pre-pandemic lows.
Today, we will see non-farm payrolls and the unemployment rate for December. This data will give a good indication of how the US economy fared at the end of 2021.
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