The regional director of Orbex Middle East, Muhammad Al-Mariri, said that the US job data, which recorded 528,000 additional jobs last month, is expected to record 295,000 jobs this evening, Friday, and its decline below this number will reduce expectations of the US Federal Reserve raising interest rates. by 75 basis points.
. added Mohammed Al MaririIn an interview with Al-Arabiya: “We are still on a date with the US consumer price index data before the next Federal Reserve meeting, which will give it greater decision-making power.”
He explained that all expectations indicate that the Fed will raise the interest rate to 3.5 or 4% by the end of this year, compared to 2.5% currently, so we are still facing two additional hikes in September and next December.
Muhammad Al-Marari said that expectations of the Federal Reserve changing its monetary policy in the first quarter of 2023 faded following the Federal Reserve Governor Jerome Powell’s speech last week, and expectations now indicate a longer period of raising interest rates to control inflation rates.
Regarding the performance of the dollar index, the regional director of “Orbex Middle East” said that the index reached levels of 109.98 yesterday, and its weekly closing around these levels will push it to rise further.
He added that the dollar index still has more to rise in the coming period, especially with the continuation of monetary policy to raise interest rates.
