US Labor Market Data Drives US Dollar Higher, Copper Prices Under Pressure
On a macro level, the seasonally adjusted non-farm employment in the US increased by 355,000 people in January, exceeding expectations. The unemployment rate held steady in January, and wage growth reached 0.6%, hitting a new high since March 2022. The strong labor market data has driven the US dollar index higher. At the same time, copper prices are under pressure due to weak domestic demand.

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