Rough week for the Greenback as the latest U.S. business sentiment data knocked it down early in the week to levels it couldn’t recover from, even after a very strong U.S. employment update.
United States Headlines and Economic data
Monday:
- November PMI at seven-month high amid stronger upturn in new orders
- ISM PMI shows the US remains in contraction territory
- Trump Says U.S. Will Impose Metal Tariffs on Brazil and Argentina
Tuesday:
- US vows 100% tariffs on French Champagne, cheese, handbags over digital tax
- Trump: Fed has “called interest rates and quantitative tightening wrong from the first days of Jay Powell”
- Trump: Fed should lower rates and loosen (policies)
- Trump says it might be better to wait until after 2020 election for a China trade deal – this was the catalyst for further declines in USD against the majors as it obviously lowered the probability of a trade deal happening and raised the odds of further escalation in the trade war.
Wednesday:
- China warns U.S. over Uighur bill, raising doubts over early trade deal
- Private payrolls growth tumbles in November as jobs market is ‘losing its shine’
- US service sector slows more than expected in November
Thursday:
- U.S. trade deficit narrows to 1-1/2-year low on weak imports, exports
- US weekly jobless claims drop to seven-month low
- 2019 November Challenger Report: In Penultimate Month, Job Cuts Fall 11%, YTD Up 13%
- Trump says trade talks with China going ‘very well’
- China in Close Contact with U.S. on Trade, Urges Tariffs Cut
Friday:
- Jobs growth soars in November as payrolls surge by 266,000 – this was the catalyst for the big spike higher in the Greenback against the majors, and likely supported with the latest positive consumer sentiment data from the University of Michigan.
- U.S. October wholesale inventories revised down
