USD trades heavy ahead of November NFP release – BBH

FXStreetDec 16, 2025 12:07 PM

View all comments（0）



US Dollar (USD) is trading heavy near the middle of its June-December range. USD is set for a choppy trading day as key US data hit the wire. US November nonfarm payrolls (NFP) comes today, BBH FX analysts report.

US jobs data could move US Dollar

"Consensus is looking for +50k job gains in November, which also incorporates the survey for October, following an increase of +119k jobs in September. It’s not just the number of jobs gain that matters, but also which sectors are driving them. In September, the non-cyclical health care and social assistance sector contributed to nearly half the rise in NFP, underscoring the downside risk to labor demand."

"Indeed, the decline in the hiring rate suggests labor demand is weak and points to downside risk to today’s NFP release. For reference, ADP private employment rose +15k while Revelio labs non-farm employment (private and public) fell -25k over October and November. Also, Powell warned that NFP gains since April may be overstated by about 60k. So rather than averaging +40k job gains a month, the economy has actually lost -20k jobs per month since April."

"Overall, weaker US labor demand will support Fed funds futures pricing 50bps of easing next year and undermine USD. In contrast, USD can recover some of its recent losses if there are signs that the slump in labor demand is stabilizing."

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

SpaceX IPO Makes History, But Breaks Below Offer Price a Month Later, What Should Investors Watch in the Coming Months?

TradingKey - On June 12, 2026, Eastern Time, SpaceX (SPCX) listed on the Nasdaq at $135 per share with a base fundraising size of approximately $75 billion, setting a new global IPO record.

S&P 500 Index Forecast: Meta, Microsoft, Alphabet and Other Companies Continue Increasing AI Investment, May Support Index Surpassing 8,000 in Second Half of 2026

TradingKey - The S&P 500 index has recently experienced volatility at high levels. As of the U.S. market close on July 16, the S&P 500 index stood at 7,533.77 points, falling 0.51% on the day. Despite the short-term pullback, technical indicators suggest the medium-to-long-term bullish trend remains intact, and institutions continue to hold a positive outlook for the future of the S&P 500.

Apple Hits Record High, Market Cap Surges to $4.9 Trillion: Why Full-Year Gains Lead the Mag 7?

TradingKey - Against the backdrop of a general pullback in the AI sector, Apple (AAPL) has staged an independent rally, driven by its unique ecosystem moat and robust financial performance. After reaching an all-time high of $323.45 on July 13, the share price hit another record high of $327.5 on July 15. Its market capitalization currently stands at $4.81 trillion, making it the second-largest company in the U.S. by market value as it approaches the epic $5 trillion milestone, trailing only Nvidia (NVDA) at $5.13 trillion. In fact, Apple's year-to-date gain in 2026 has reached 16%, also leading the "Mag 7."

SpaceX Negotiates Multi-Billion Dollar Computing Power Deal With Pentagon: Stock Price Drop Does Not Change Wall Street’s Bullish Expectations

Tradingkey - The Wall Street Journal reported that SpaceX (SPCX) is in negotiations with the U.S. Department of Defense to sell computing power. The deal could be valued at billions of dollars, and if finalized, would mark the latest major infrastructure contract for Elon Musk’s integrated rocket, satellite, and artificial intelligence conglomerate. The report noted that the partnership model for this deal is similar to previous agreements SpaceX reached with Alphabet’s Google (GOOGL) and AI firm Anthropic. The negotiations come as the U.S. military seeks to construct data centers within its military bases to bolster its autonomous computing capabilities.

Micron Stock Price Prediction: MU Breaks $898 Support as Memory Boom Faces Capacity Risk

Micron posted record fiscal Q3 revenue of $41.46 billion and guided for $50 billion in Q4 sales, but MU has broken below $897.80 support as investors assess capacity growth and peak memory margins.

Featured Tools