The EUR/USD currency pair consolidated at 1.2109 marks in the trading session on Monday, December 7 while the DXY index rose 0.09 percent to 90.79.
This week, Congress is preparing to vote on temporary funding for the operation of the government to prevent the shutdown of government departments because of the lack of budget funds, which occurs annually in the United States at the end of the calendar year.
As with the stimulus package, the US government is more likely to embrace an alternative of $908 billion in additional funds. There is a need for a new economic stimulus plan, in particular given the new California restrictions that have ordered the closure of all vital infrastructure and retail facilities in the areas most affected by the virus. In addition, New Jersey, North Carolina, Virginia and West Virginia reported one-day record rises in new cases. The recovery of the US economy will be complicated by this wave of pandemic.
As for macroeconomic indicators, data on the US unemployment rate was released on Friday in November, which was 6.7 percent, 0.1 percentage points lower than expected. In October, the volume of factory orders in the United States decreased by 0.3% relative to the previous period and amounted to 1.0%. However, this is higher than the estimates of analysts of 0.9 percent.
Final data will also be released today for the quarter in the United States on non-farm production and labor costs per unit. In the previously released data, in the US non-farm business market, labor productivity was increased in the second quarter by 10.6 percent, which was the highest since 1971. It was a major increase in the productivity since 2009. On the other hand, unit labor costs in the US non-farm business sector have seen a 9 percent surge in the previous quarter.