EURUSD is falling again. Overview for 06.12.2021

Early in a new week, EURUSD is falling; the US statistics aren’t frightening anymore. 

The major currency pair is back to falling on Monday. The current quote for the instrument is 1.1292.

According to the data published last Friday, the Unemployment Rate in the US dropped from 4.6% in October to 4.2% in November. The indicator was expected to show 4.5%, so the actual reading turned out to be even better. However, this is where the good news ended. The Average Hourly Earnings added 0.3% m/m instead of the expected growth of 0.4% m/m. The Non-Farm Employment Change was 210K against the expected reading of 553K. 

The labour market statistics were rather mixed this time: the private sector is increasing the number of jobs while the NFP is pretty far behind. Of course, it may be a single even upset, so let’s wait for December reports before making any conclusions. 

Anyway, the US Fed is very unlikely to cancel its decision to start an active closure of the stimulus programme announced last week. The regulator’s next meeting is scheduled for 15 December. 

The Markit Services PMI showed 58.0 points in November after being 57.0 points the month before, and that’s a good signal. The ISM Services PMI was 69.1 points after being 66.7 points over the same period of time. It’s difficult to doubt the fact that the tertiary industry in the US is looking really stable.