Expectations for the US economic stimulus package are rising with labor market data weakening and the Covid-19 vaccine distribution report in the near future has boosted investors' appetite for risky assets on Friday. The US dollar, which is also a safe haven currency, has fallen to a 2 1/2 year low against the euro.
Conservative legislators have expressed support for a $ 908 billion stimulus assistance package. Today's NFP reading recorded only a slight increase of 245,000 by mid-November. This performance also gives an indication of a slow decline compared to last October.
The increase in job offers in October was revised to 610,000 from the initial estimate of 638,000. This November's reading also disappointed analysts targeting an increase of 469,000.
Analyst Elia Lattuga at Unicredit, noted that there are expectations that major central banks will start responding due to declining economic output.
The US dollar index, which measures the greenback against major currencies, fell 0.19% to 90.547.
Britain has approved the Pfizer Inc. vaccine. Covid-19 on Wednesday has been a major issue in the world in the race to start a vaccination program.
The pound remained strong against the US dollar by 0.51% to 1.3520 as of 10.50 p.m. The Brexit issue factor is still the focus of the market so far.
On the other hand, the Canadian dollar continued to strengthen against the US dollar with a 0.3% increase.
Canada today recorded 62,000 jobs in November and the unemployment rate fell to 8.5%.
The Euro remained strong at 0.13% to the exchange rate of 1.2156 against the US dollar.
