Dollar Climbs On Stronger Than Expected U.S. Job Growth
09 Marzo 2018 - 10:48AM
RTTF2
The U.S. dollar was trading higher against its most major rivals
in the European session on Friday, following a data showing an
acceleration in U.S. job growth in February.
Data from the Labor Department showed that non-farm payroll
employment surged up by 313,000 jobs in February after jumping by
an upwardly revised 239,000 jobs in January.
Economists had expected employment to climb by 200,000 jobs.
Despite the stronger than expected job growth, the unemployment
rate held at 4.1 percent in February. The unemployment rate had
been expected to dip to 4.0 percent.
The currency was also underpinned by easing geopolitical
concerns amid news President Donald Trump has agreed to meet with
North Korean leader Kim Jong-Un.
In a post on Twitter, Trump said, "Kim Jong Un talked about
denuclearization with the South Korean Representatives, not just a
freeze. Also, no missile testing by North Korea during this period
of time."
"Great progress being made but sanctions will remain until an
agreement is reached," he added. "Meeting being planned!"
The currency traded mixed against its major rivals in the Asian
session. While it rose against the franc and the yen, it held
steady against the pound and the euro.
The greenback recovered to 0.9526 against the Swiss franc, from
a low of 0.9495 hit at 4:30 am ET. The currency is thus short of
few pips to pierce a 1-1/2-month high of 0.9534 set at 8:30 pm ET.
The next possible resistance for the greenback is seen around the
0.97 mark.
After a brief pause, the greenback climbed to 107.05 against the
yen, its strongest since March 1. The greenback is seen finding
resistance around the 109.00 level.
The Bank of Japan kept its monetary stimulus unchanged, as
widely expected.
Governor Haruhiko Kuroda and his board members decided by an 8-1
majority vote to hold its target of raising the amount of
outstanding JGB holdings at an annual pace of about JPY 80
trillion.
The greenback climbed to a 4-day high of 1.2273 against the
euro, compared to 1.2311 hit late New York Thursday. On the upside,
1.20 is seen as the next resistance level for the greenback.
Figures from Destatis showed that Germany's industrial
production dropped unexpectedly in January.
Industrial output fell 0.1 percent month-on-month in January,
confounding expectations for an increase of 0.7 percent.
Nonetheless, the pace of decline was slower than the revised 0.5
percent fall logged in December.
On the flip side, the greenback weakened to 1.3859 against the
pound, after advancing to 1.3788 at 8:30 pm ET. The greenback is
poised to find support around the 1.43 level.
Data from the Office for National Statistics showed that the UK
visible trade deficit increased in January as the pace of growth in
imports exceeded exports growth.
The visible trade gap widened to GBP 12.32 billion in January
from GBP 11.77 billion in the previous month. The shortfall was
seen at GBP 11.9 billion.
The greenback reversed from an early high of 0.7776 against the
aussie, falling to 0.7822. Against the kiwi, the greenback was
trading lower at 0.7279. The next support levels for the greenback
are likely seen around 0.79 against the aussie and 0.74 against the
kiwi.
The greenback dropped to a weekly low of 1.2822 against the
loonie, reversing from an early high of 1.2909. Next key support
for the greenback is likely seen around the 1.26 region.
U.S. final wholesale inventories for January are due
shortly.
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