The US Dollar received a significant boost following the release of an upbeat jobs report, stirring notable movements in the currency markets. The Nonfarm Payrolls rose by 256,000 in December, surpassing expectations and providing a robust foundation for the Dollar's rally. This surge weighed heavily on the GBP/USD pair, which continued its weekly decline, trading at its weakest level since November 2023. As of now, the GBP/USD is trading below 1.2250, reflecting the ongoing pressure from the strengthened Dollar.
In contrast to the performance of the British Pound, the EUR/USD also remains under bearish pressure, trading below 1.0300. The strong employment data from the United States has contributed to the Dollar's rally, further impacting major currency pairs. Meanwhile, Gold experienced a drop to $2,660 following the release of the US employment data but managed to regain traction, climbing back above $2,680.
On another front, digital currency SUI is showing signs of potential rally ahead. On-chain metrics suggest positive movements as SUI's long-to-short ratio reaches its highest level in over a month. Additionally, open interest in SUI is on the rise, indicating growing investor interest. Sui's price has managed to recover most of its weekly losses, trading around $5.06, pointing towards a possible optimistic trend in the coming days.
It's important to note that while these market movements provide insight into current financial trends, FXStreet and the author are not registered investment advisors. This article is not intended to serve as investment advice. Investors are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.