FOREX TradingCharts.com

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

Dismal U.S. Jobs Data Drags Down Dollar

09/01/2017 - 09:36:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its key counterparts in the European session on Friday following the release of a report showing much weaker than expected job growth in August, which scaled back expectations for another rate hike by the Fed in December.

Data from the Labor Department showed that non-farm payroll employment climbed by 156,000 jobs in August compared to expectations for an increase of about 180,000 jobs.

The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs.

Reflecting the weaker than expected job growth, the unemployment rate inched up to 4.4 percent in August from 4.3 percent in July. Economists had expected the unemployment rate to remain unchanged.

Investors await reports on ISM manufacturing index, construction spending data and consumer sentiment, due shortly, for more clues about the economy.

The greenback was higher against its major rivals in the Asian session, with the exception of the pound.

The greenback lost 0.8 percent to hit a 2-day low of 1.1980 against the euro, after having advanced to 1.1879 at 3:45 am ET. Continuation of the greenback's downtrend may see it challenging support around the 1.21 region.

Survey data from IHS Markit showed that the euro area manufacturing activity expanded at the fastest pace since 2011, as initially estimated.

The manufacturing Purchasing Managers' Index rose to 57.4 in August, in line with flash estimate, from 56.6 in July and equaling June's 74-month high.

Extending early slide, the greenback slid to a more than 2-week low of 1.2995 against the pound. The greenback is poised to find support around the 1.31 area. The pair was worth 1.2929 when it closed deals on Thursday.

Survey data from IHS Markit showed that the UK manufacturing sector expanded strongly in August driven by widespread growth across sectors.

The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 56.9 in August from 55.3 in July.

The greenback that closed Thursday's trading at 0.9584 against the Swiss franc dropped to a 2-day low of 0.9546. Further downtrend may take the greenback to a support around the 0.93 mark.

Data from the Federal Statistical Office showed that Switzerland's retail sales declined in July after recovering a month ago.

Retail sales decreased 0.7 percent year-on-year in July, in contrast to a 1.7 percent rise in June.

Reversing from an early high of 110.22 against the Japanese yen, the greenback dipped to a 2-day low of 109.56. The greenback is poised to challenge support around the 108.00 area.

Survey data from the Cabinet Office showed that Japan's consumer sentiment weakened more-than-expected in August.

The consumer confidence index fell to 43.3 in August from 43.8 in July. The expected reading was 43.5.

Having advanced to 0.7150 against the NZ dollar at 3:00 am ET, the greenback reversed direction and dropped to 0.7207. If the greenback continues slide, 0.73 is possibly seen as its next support level.

The greenback slid to 1.2341 versus the loonie, its lowest since June 2015, while touching a 2-day low of 0.7995 versus the Aussie. This may be compared to early highs of 1.2492 and 0.7922 for the greenback against the loonie and the aussie, respectively. The next possible support for the greenback is seen around 1.21 against the loonie and 0.81 against the aussie.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Mixed As Investors Await A Slew Of Economic Reports (06 hr(s), 40 min(s), 09 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story»

Canadian Dollar Climbs On Higher Oil Prices (13 hr(s), 04 min(s), 09 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European sessi ...Full Story»

Yen Climbs Against Majors (15 hr(s), 07 min(s), 09 sec(s) ago)
(RTTNews) - Reversing direction, the Japanese yen advanced against its major opponents in the Euro ...Full Story»

Euro Remains Weaker After German Election Results (16 hr(s), 25 min(s), 09 sec(s) ago)
(RTTNews) - The euro remained lower against its key counterparts in early European deals on Monday ...Full Story»

Euro Mixed Following German Ifo Business Sentiment Index (17 hr(s), 37 min(s), 09 sec(s) ago)
(RTTNews) - Following the release of German Ifo business confidence survey results for September a ...Full Story»

Euro Falls Ahead Of German Ifo Business Sentiment Index (17 hr(s), 46 min(s), 09 sec(s) ago)
(RTTNews) - At 4.00 am ET Monday, Germany's Ifo business confidence survey results are due. Ec ...Full Story»

NZ Dollar Falls Amid Risk Aversion (18 hr(s), 43 min(s), 09 sec(s) ago)
(RTTNews) - The New Zealand dollar declined against its major counterparts in the Asian session on ...Full Story»

Dollar Little Changed As Trading Week Draws To A Close (06 hr(s), 40 min(s), 09 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon ...Full Story»

Search

FOREX NEWS

Dollar Mixed As Investors Await A Slew Of Economic Reports

09/25/2017 - 15:00 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story>>

Canadian Dollar Climbs On Higher Oil Prices

09/25/2017 - 08:38 AM (RTTNews)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European sessi ...Full Story>>

Yen Climbs Against Majors

09/25/2017 - 06:35 AM (RTTNews)
(RTTNews) - Reversing direction, the Japanese yen advanced against its major opponents in the Euro ...Full Story>>

Euro Remains Weaker After German Election Results

09/25/2017 - 05:17 AM (RTTNews)
(RTTNews) - The euro remained lower against its key counterparts in early European deals on Monday ...Full Story>>

Euro Mixed Following German Ifo Business Sentiment Index

09/25/2017 - 04:03 AM (RTTNews)
(RTTNews) - Following the release of German Ifo business confidence survey results for September a ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.