U.S. dollar reaches monthly high against Norwegian krone as service sector expands

WASHINGTON – The US dollar experienced a notable appreciation against the Norwegian krone today, reaching a peak of 10.935, an increase of 0.80%. This movement coincides with the release of economic data that showed a mixed bag for the US job market and service sector.

The latest Job Openings and Labor Turnover Survey (JOLTs) reported a decrease in job openings in October, falling to over 8 million, which was below market expectations. However, this was contrasted by the Institute for Supply Management’s (ISM) Services Purchasing Managers’ Index (PMI) for November, which outperformed consensus estimates by registering above the midpoint of the fifties range, indicating expansion in the service sector.

Furthermore, the , which measures the strength of the dollar against a basket of other major currencies, reached its highest level since mid-November. This suggests that the dollar is gaining ground more broadly and not just against the Norwegian krone.

Looking ahead to Friday’s economic reports:

• Analysts are predicting that Average Hourly Earnings will show an increase around the annual fourth percentile.
• Nonfarm Payrolls are expected to see an uptick by tens of thousands from the last report.
• The Unemployment Rate is anticipated to remain just under the fourth percentile on an annual basis.

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