USD: Mixed US data keep Dollar gains in check ahead of payrolls – ING

This week, conflicting US macroeconomic data is sending mixed signals and keeping the dollar gains in check. Notably, the ISM services index showed good results, while ADP employment data remained within acceptable limits, and JOLTS indicated a worse than expected outcome. Moreover, the Challenger job cuts significantly dropped in December, but this is largely due to the concentration of large corporate layoffs in previous months, indicating a potential bias in the results. These data points are poised to influence market expectations for the upcoming payroll statistics. Ultimately, the dollar seems to be in a stalled state ahead of the major data releases this week. Market participants are awaiting clearer signs regarding the US labor market, necessitating careful monitoring in the coming days.