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Forex News: Disappointing U.S. Jobs Data Drags Dollar Down

Disappointing U.S. Jobs Data Drags Dollar Down

03/08/2019 - 09:53:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major counterparts in the European session on Friday, after a data showed that the economy created much fewer jobs than forecast in February, supporting hopes for a Fed rate hike pause in coming months.

Data from the Labor Department showed that employment in the U.S. showed only a slight increase in the month of February.

The Labor Department said non-farm payroll employment edged up by 20,000 jobs in February after jumping by an upwardly revised 311,000 jobs in January.

Economists had expected employment to increase by about 180,000 jobs compared to the spike of 304,000 jobs originally reported for the previous month.

Despite the much weaker than expected job growth, the unemployment rate dropped to 3.8 percent in February from 4.0 percent in January. The unemployment rate had been expected to dip to 3.9 percent.

The greenback dropped against its most major counterparts in the Asian session following the release of weak Chinese data for February.

The greenback declined to an 8-day low of 110.77 against the yen, from a high of 111.65 hit at 6:45 pm ET. If the greenback falls further, 109.00 is likely seen as its next support level.

Data from the Cabinet Office showed that Japan's gross domestic product gained a seasonally adjusted 0.5 percent on quarter in the fourth quarter of 2018.

That beat expectations for an increase of 0.4 percent following the 0.3 percent gain in the previous reading.

The greenback reversed from an early high of 1.0118 against the Swiss franc, falling to 1.0071. The greenback is seen finding support around the 0.99 level.

The greenback, having advanced to an 11-day high of 1.3052 against the pound at 7:30 am ET, reversed direction and dropped slightly to 1.3090. The next key support for the greenback is seen around the 1.32 level.

Following an advance to 1.1185 against the euro at 8:45 pm ET, the greenback reversed direction with the pair trading at 1.1241. The next possible support for the greenback is seen around the 1.15 region.

Preliminary data from the Federal Statistical Office showed that German factory orders sharply dropped in January at the fastest pace in seven months, defying expectations for further gains, mainly due to a slump in external demand.

Manufacturing orders decreased a seasonally and calendar adjusted 2.6 percent month-on-month, while economists were looking for a modest 0.5 percent gain.

The greenback fell to a 3-day low of 0.6809 against the kiwi and a 2-day low of 1.3390 against the loonie, off its early highs of 0.6749 and 1.3466, respectively. The greenback is poised to challenge support around 0.70 against the kiwi and 1.32 against the loonie.

The greenback depreciated to 0.7051 against the aussie, after rising to a 2-month high of 0.7003 at 12:30 am ET. On the downside, 0.72 is possibly seen as the next support level for the greenback.

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