Why You Should Join A Live Trading Competition?

Winning prizes in every live trading competition is frequently the first thing traders will consider. Unsurprisingly, forex brokers will treat trading competitions like bonuses and give away incredible prize structures.  

For forex brokers, trading competition is one of the most successful promotional tools out there, which makes the competition unique in that it offers more than just money rewards. 

If you are considering joining a live trading competition today, this article will explain 5 benefits that you must know. 

1. Sharpening trading skills

Refining your trading skills is crucial whether you are a new trader with untested skills or seeking strategies to improve it. Enhancing your trading techniques and expertise might boost your confidence. 

In a volatile situation, for instance, confidence may suffer; therefore, improving your confidence will help you make trade decisions based on information and experience rather than emotion. 

Hence, a trading competition is the ultimate way to sharpen and test your trading skills against fellow traders worldwide.

Live competitions provide a real-world platform to hone your trading strategies, test your skills, and gain valuable experience. 

2. Experience gaining 

Reading about trading activities and methods can provide traders with a wealth of information.  

Live trading competition allows you to put your knowledge and techniques to the test, and the results might help you plan your future trading actions.  

In addition, the experience you gain will allow you to test your strategies on new currency pairs or transform theory and trading ideas into real trading opportunities. 

3. Assess strategies for risk management  

Risk management and loss mitigation are essential to trading success regardless of market conditions.  

Still, you may be wondering if your trading strategy is too conservative. Participating in a trading competition allows you to learn about the risks and benefits of methods you might not have tried otherwise.  

A live trading competition also allows you to test various risk management tactics and compare your performance to others to see how your strategies stand out. 

4. Help you learn more about yourself

Another great benefit of a live trading competition is to help you learn more about yourself. Successful people often emphasize what is in their control and focus on it. 

Trading is a multi-level experience that will help you better analyse any situation by considering risk or reward for each potential outcome of your choices.  

That is why you need to focus. A focus can provide a driving point that narrows your attention and helps you remove all distractions. 

5. Win attractive prizes 

This is what a participant in a competition is looking for, and being able to win attractive prizes for your trading skills and the profits you will make during the live trading competition.  

For example, Ultima Markets is now hosting the first-ever Live Trading Competition. It offers a chance to demonstrate your trading prowess in a real-time trading environment, compete against fellow traders, and win exciting prizes.  

Starting on 10 October 2023 and ending on 15 December 2023, ten participants who adhere to all contest rules and achieve the highest returns (based on the percentage increase in account equity) during the competition period will be declared the top winners for a US$50,000 in total prizes.  

Are you ready to participate in this most prestigious live trading competition? Click here to learn more about the Live Trading Competition. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

Comprehensive EUR/NZD Analysis for October 13, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 13th October 2023. 

U.S. CPI Rose: U.S. CPI rose for the second consecutive month in…..

Key Takeaways 

EUR/NZD Technical Analysis 

EUR/NZD Daily Chart Insights

• Price action: The price finally breakthrough pin bar above. As analyzed on Wednesday, the market will most likely start a bullish trend this week, and is about to form a “W-shaped” bottom structure. 
• Moving average: From the perspective of moving average technical indicators, the exchange rate was eventually blocked and rebounded on the 240-day moving average. The 33-day and 63-day moving average is near the resistance area of 1.78238. There is a certain probability that the exchange rate will be blocked and adjusted today. 

EUR/NZD 4-Hour Chart Analysis

• Stochastic Oscillator: Technical indicators show that the market has been seriously overbought, and the market has strong motivation to adjust. 
• Moving average: Above the price is the 200-period moving average. Similar to the daily chart, the combined resistance area will suppress the exchange rate from rising further. 
• Elliot Wave: The rapid rise since yesterday is currently judged to be motive wave 3. After the correction, the exchange rate has a certain probability of stepping back on the upper edge of the upward channel. It is also the moving average support level in the 65 and 33 period areas. 

Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.77224, 
• Bullish Scenario: Bullish sentiment prevails above 1.77224, the first target is 1.78287, the second target is 1.78902. 
• Bearish Outlook: In a bearish scenario below 1.77224, first target 1.76614, second target 1.75563. 

Conclusion

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

FOMC meeting minutes published 

The U.S. Federal Reserve released the minutes of its September meeting on the 11th. To bring inflation back to the 2% target, maintaining a restrictive monetary policy is key. Most officials judged that it may be appropriate to raise interest rates again at future meetings. Some, however, believed that further interest rate hikes were not necessary. The minutes of the meeting also pointed out that the U.S. economy is expanding at a stable pace and the labor market is gradually reaching balance. However, inflation continues to be higher than the Federal Reserve’s target. Federal Reserve officials estimate that economic growth must fall below 1.8% to allow the trend of rising prices to be eased. 

Sep. PPI increased 0.5% MoM 

The U.S. Bureau of Labor Statistics also released inflation data. Producer prices in the US rose 0.5% month-over-month in September 2023, the least in three months, following a 0.7% rise in August, but above market forecasts of 0.3%. Goods prices were up 0.9%, prompted by a 5.4% surge in gasoline cost. 

(PPI MoM , U.S. Bureau of Labor Statistics) 

Sep. Core PPI increased 0.3% MoM 

Core producer prices in the United States were up by 0.3% over the previous month in September of 2023, following a 0.2% rise in the previous month and slightly above market expectations of a 0.2% increase. On a yearly basis, core consumer prices advanced by 2.7%, after an upwardly revised 2.5% rise in August and surpassing market estimates of a 2.3% increase, which might prompt the Federal Reserve to keep interest rates elevated for an extended period. 

( Core PPI MoM , US Bureau of Labor Statistics) 

Rising bond yields could reduce expectations for rate hikes 

FOMC has raised its benchmark interest rate 11 times to a target range of 5.25% to 5.5%, a 22-year high. Treasury yields have been rising sharply after the last meeting. If the situation persists, rising yields could eliminate the need for another rate hike. 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

Comprehensive Brent Oil Analysis for October 12, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Brent Oil (UKOUSD) for 12th October 2023. 

Key Takeaways 

• Dovish speeches : Federal Reserve Board Governor Waller and Atlanta Fed President Bostic have continued their recent dovish stances. The market is betting that the probability of raising interest rates in November is less than 9%. 
• The reduction agreement may be extended: Putin said that the OPEC+ (production reduction) agreement is likely to be extended, and further measures may be taken next year to stabilize the market. 
• API inventories surge: U.S. API crude oil inventories increased by nearly 13 million barrels last week, the largest increase since January. As supply concerns subside and API crude oil inventories increase significantly, U.S. and Brent oil prices fell in the short term. 

Technical Analysis In Brent Oil Trading Chart

Brent Oil Daily Chart Insights

• Stochastic Oscillator: The indicator has a downward trend today, but it has not yet clearly formed a “dead cross”. We need to wait for confirmation of today’s oil price trend. 
• Price Action:  The price gap below is a common potential support price. The market will have a certain probability of rebounding and rising. 
• Moving average: The price that jumped in the early stage fell after being blocked by the 33-day moving average, and the first target below is the 240-day moving average. This price overlaps with the price gap, so the decline today is temporarily judged as an adjustment.  On the contrary, only after falling below the low price of October 6 can it be confirmed that crude oil prices will continue to follow a long-term short trend.

Brent Oil 1-Hour Chart Analysis

• Fibonacci price: Temporarily judge that the current downward trend is the adjustment structure of the previous upward trend. It can be seen from the Fibonacci retracement line (black) and Fibonacci extension level (red) that it has reached 61.8. % callback and 100% proportional expansion position, the market has a certain probability of support. If it continues to break down, the market will look toward the 78.6% correction and 138.2% proportional expansion. 
• Stochastic Oscillator: The indicator went down again during today’s Asian trading session. Wait for the “golden cross” to appear in the oversold area to confirm the arrival of the bull trend. 

Brent Oil Pivot Indicator

According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 87.055, 

• Bullish Scenario: Bullish sentiment prevails above 87.055, first target is 87.978, second target is 89.880. 
• Bearish Outlook: In a bearish scenario below 87.055, first target 85.152, second target 84.229. 

Conclusion for Brent Oil Analysis

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

Comprehensive EUR/NZD Analysis for October 11, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 11th October 2023. 

Key Takeaways 

• Pay attention to governors’ speeches: Many Fed governors will speak in public today and pay attention to potential monetary policy attitudes. 
• The Palestinian-Israeli conflict supports the US dollar: The recent instability in the Middle East may provide support for the recent weakness of the US dollar, and the euro will be relatively suppressed. 
• The RBNZ would hike rates this year: New Zealand’s strong immigration and expansionary fiscal policies this year have weakened the impact of the current interest rate level of 5.5%. The market expects the Reserve Bank of New Zealand to raise the official cash rate to 5.75% in November. 

Technical Analysis 

Daily Chart Insights 

• Price action: the bar yesterday closed into a Pin Bar, which is a strong bearish signal. The market has greater downward momentum today. However, it is worth noting that if the market breaks through yesterday’s high, it will be another breakthrough price action, and the market will most likely start a bullish trend this week. 
• 240-day moving average: The exchange rate has adjusted at the 240-day moving average for two days in the previous period. There is a certain probability of breaking through this support level today.

1-Hour Chart Analysis 

• Stochastic Oscillator: Technical indicators have shown the upward trend and the market has a certain rebound momentum in the Asian session. For the rebound to turn into an upward reversal, it is necessary to cooperate with the price trend to break through the moving average suppression. 
• Moving average : The current rebound of EURNZD is blocked by the blue 17-period moving average and the 33-period moving average. Before breaking through this resistance, the entire trend is still judged to be a rebound. 
• Support level: If the subsequent price falls below the intraday low of 1.75284, today’s upward trend will be confirmed as a rebound, and you can pay attention to entry opportunities at that time. 

Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.75552, 
• Bullish Scenario: Bullish sentiment prevails above 1.75552, the first target is 1.76025, and the second target is 1.76801 
• Bearish Outlook: In a bearish scenario below 1.75552, first target 1.74776, second target 1.74283. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

World economy to grow 3% YoY 

The International Monetary Fund (IMF) expects the world economy to grow by 3% this year as stronger-than-expected growth in the United States offsets lower prospects for China and Europe and cut its 2024 growth forecast by 0.1 percentage point to 2.9%. 

Fast economic recovery in the US 

The International Monetary Fund says: “The strongest recovery among major economies is the United States, which is increasingly consistent with a ‘soft landing’ scenario.” The agency expects the overall economic growth of the 20 countries using the euro to be 0.7% for 2023 and 1.2% next year; while China’s economy will grow by 5% this year and 4.2% in 2024, and specifically points out: “The crisis in China’s real estate industry may deepen and have global spillover effects, especially for commodity exporters.” In contrast, the U.S. economic growth forecast is raised to 2.1% in 2023 and 1.5% in 2024. 

Global inflation forecast raises to 6.9% 

The International Monetary Fund raises its global inflation forecasts for this year and next year by 0.1 and 0.6 percentage points to 6.9% and 5.8% respectively. Commodity prices pose “serious risks” to the inflation outlook and could become more volatile due to climate and geopolitical shocks. “Expectations of higher inflation in the future are likely to influence current inflation rates, keeping them high,” the IMF notes. 

Real estate impacted by high interests  

The International Monetary Fund also addresses that the prospect of “higher in the longer term” interest rates has led to sharp falls in house prices in some countries. Vulnerabilities in the commercial real estate sector “pose significant risks to the financial sector” and urge policymakers to assess the impact that a sharp drop in real estate prices could have on financial institutions. 

(GDP YoY Growth 2023，IMF) 

(GDP YoY Growth，IMF ) 

Red: developing economies，Yellow: World，Green: Advanced economies 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

Comprehensive EUR/USD Analysis for October 10, 2023

At Ultima Markets, we are dedicated to providing you with insightful market analysis to help you make informed trading decisions.

In today’s edition, we focus on the EUR/USD currency pair, delving into both fundamental and technical factors that may impact its performance in October 2023.

Key Takeaways

1. 1. Rising U.S. Treasury Yields: The recent surge in long-term U.S. Treasury yields has led to a substantial increase in borrowing costs. This development has garnered attention from influential figures in the financial landscape, including hawkish Logan and Fed Vice Chairman Jefferson.
   
2. 2. Fed’s Potential Pivot: Acknowledgments from Logan and Jefferson hint at a potential shift in the Federal Reserve’s stance on interest rate hikes. This shift could diverge from previous expectations, impacting the EUR/USD currency pair.
   
3. 3. Weakness in the U.S. Dollar: Notably, the U.S. dollar index is displaying signs of weakness in the upcoming week. The primary driver behind this trend remains the rising U.S. bond yields.

Fundamentals Impacting EUR/USD

The recent surge in long-term U.S. Treasury yields has substantially increased borrowing costs, reverberating throughout the financial markets. This development has garnered attention from key figures in the financial world, including the hawkish Logan and Fed Vice Chairman Jefferson.

Their acknowledgment of the impact of rising U.S. bond yields on financial conditions suggests a potential shift in the Federal Reserve’s stance on interest rate hikes. As a result, the U.S. dollar index is poised for a potentially weak trend in the coming week.

Technical Analysis

Daily Chart Insights

( Daily chart of EUR/USD, source: Ultima Markets MT4) 

Turning our attention to the daily chart, we observe the stochastic oscillator’s fast line crossing the slow line. However, it’s crucial to note that this indicator is approaching the 50 midline, while the market is in close proximity to the 17-day moving average.

These technical signals suggest the possibility of a market decline today. However, entering long positions should be contingent on a decisive market breakthrough, followed by close monitoring of retracement prices.

4-Hour Chart Analysis

(4-hour chart of EUR/USD, source: Ultima Markets MT4) 

On the 4-hour chart, there are indications of a head-and-shoulders bottom formation, though the price has not yet touched the neckline resistance area.

This scenario suggests the potential for a market correction in the near future.

1-Hour Chart Insights

(1-hour chart of EUR/USD, source: Ultima Markets MT4) 

Referencing the 1-hour chart, Ultima Markets’ pivot indicator designates the central price of the day as 1.05565. To navigate these levels effectively:

• Bullish sentiment prevails above 1.05565, with the first target at 1.05937 and the second target at 1.06114.

• On the other hand, a bearish stance should be taken below 1.05565, targeting 1.05392 as the first level and 1.05019 as the second.

Conclusion

In summary, the EUR/USD market in October 2023 is subject to a dynamic interplay of fundamental and technical factors.

Rising U.S. Treasury yields and the potential shift in the Federal Reserve’s stance are fundamental drivers, while technical indicators suggest the possibility of a market decline and the formation of a head-and-shoulders pattern.

Traders and investors are advised to exercise vigilance and closely monitor these developments, considering both fundamental and technical aspects.

Staying well-informed and adapting strategies accordingly is crucial for navigating the ever-evolving landscape of currency trading effectively.

For personalized investment guidance, consult our team of experts at Ultima Markets.

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Disclaimer 

Comments, news, research, analysis, prices and other information contained in this article can only be regarded as general market information, provided only to help readers understand the market situation, and do not constitute investment advice. Ultima Markets will not be responsible for any loss or loss (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information. 

According to TrendForce report, car sales in 37 markets around the world totaled 5.55 million units in August 2023, an increase of nearly 1% from July. The growth momentum came from the launch of new models for the autumn. 

(August Ranking of Auto Brand Sales Share)

The composition of the top ten brands is the same as last month. The top three are Toyota, Volkswagen, and Honda. The Chinese car manufacturer BYD replaced Ford and became the fourth-largest brand in August car sales.

BYD’s Remarkable Growth

BYD has converted all its models to new energy vehicles, so the lukewarm domestic demand in the Chinese market has less impact on it. BYD recorded a MOM growth of 5%, and the market share was only 0.1% behind the third-placed Honda.

However, Japanese car manufacturers also have contributions from markets such as Southeast Asia. Consequently, for BYD to surpass Honda in the global market, the key is its expansion speed in overseas markets.

Ford’s Decline in August Sales

Ford’s ranking fell to sixth place due to lower sales in Europe and the United States compared with the previous month, with sales declining by 6.7% month-on-month.  

Challenges and Variables in 2H23

Although the launch of autumn models will help new car sales, there are still many variables in 2H23, including the United Auto Workers (UAW) strike that has not yet ended; OPEC+ allies’ crude oil production cuts, etc.

Strategies for the Fourth Quarter

As the fourth quarter approaches, auto manufacturers will do their best to ensure smooth production, fulfill orders, and stimulate year-end sales, minimizing the impact of reduced order visibility caused by economic changes. 

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Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

Comprehensive USDX Analysis for October 6, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDX for 6th October 2023. 

The Core: Fundamental Factors

• ADP Employment Data: Recent ADP employment data showed a significant drop below expectations. This is a crucial indicator of labor market dynamics.
• Historically Low Jobless Claims: The announcement of 207,000 initial jobless claims last week, still at a historical low, underscores the robustness of the job market.
• Fewest Quarterly Layoffs: U.S. companies have reported the fewest quarterly layoffs in a year due to strong seasonal hiring plans. This is a significant positive signal for the economy.

The Turning Point: Interest Rates

The above factors collectively raise questions about the possibility of interest rate adjustments in the near future. The final decision hinges on the impending release of US non-farm employment data, due tonight. This data will be pivotal in shaping the USDX’s trajectory.

The Technical Aspect: USDX Trends

• Daily Chart Trends: On the daily chart, the US dollar index has experienced a two-day decline. The stochastic oscillator’s dead cross in the overbought area suggests a short-term downtrend.
• Bearish Trend: To confirm a bear trend, it’s crucial for the USDX to break effectively below its recent lows. The initial target rests near the blue 17-day moving average.
• Hourly Chart Insights: On the hourly chart, the market has breached the support level around 106.23. The ATR combination indicator confirms this breakdown.
• Pivot Indicator: As per Ultima Markets’ pivot indicator, the central price for the day is 106.200.

Daily chart of USDX

(Daily chart of USDX, source: Ultima Markets MT4) 

1-hour chart of USDX

Although it has increased the probability of a bear trend, it still needs to wait for the U.S. dollar index to effectively fall below the lowest price. The price may be relatively limited. The first target is near the blue 17-day moving average. 

(1-hour chart of USDX, source: Ultima Markets MT4) 

Pivot Indicators

On the 1-hour chart, the market fell below the support level around 106.23, and the ATR combination indicator hinted at the effectiveness of the breakdown. Waiting for the price to retreat and see if there is any chance of further downward movement. 

(Pivot Indicators for USDX, source: Ultima Markets MT4)

Potential Scenarios

According to the pivot indicator in Ultima Markets MT4, the central price of the day is 106.200. 

• Bullish Above 106.200: If the USDX remains above 106.200, the first target is 106.363, with a secondary target at 106.755.
• Bearish Below 106.200: In case the USDX dips below 106.200, the initial target is 105.805, with a secondary target at 105.640.

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

Disappointing ADP Job Report’s Impact on USD | October 2023 Analysis

According to ADP® National Employment’s September 2023 Report, Private businesses in the US hired 89K workers in September 2023, the least since January 2021 when private employers shed jobs, and well below market forecasts of 153K. It follows a revised 180K increase in August, compared to an initial 177K.

Large establishments drove the slowdown, losing 83K jobs and wiping out gains they made in August. On the other hand, small companies added 95K jobs and mid-sized ones 72K. Meanwhile, annual wage growth slowed to 5.9%, the 12th consecutive monthly decline. Pay gains also shrank for job changers to 9%. 

(US Employment Changes, ADP)

The dollar index fell below the 107.0 mark on Wednesday, following the release of a disappointing ADP jobs report. Nevertheless, the dollar remained near its strongest level since November 2022, bolstered by hawkish comments from Fed officials that continue to reinforce expectations of elevated interest rates for an extended period. 

(U.S. Dollar Index DXY)

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Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.