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Forex News: Dollar Climbs Ahead Of U.S. Jobs Data

Dollar Climbs Ahead Of U.S. Jobs Data

01/05/2018 - 05:59:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major rivals in early European deals on Friday, ahead of the all-important U.S. nonfarm payrolls data due later in the day, which would shed more clues about economic growth in the world's largest economy.

Data from the Labor Department is expected to show that the economy may have added 190,000 jobs in December following the jump of 228,000 jobs in November. The unemployment rate is expected to hold at 4.1 percent.

The data plays a vital role in helping shape expectations for next rate hike action from the Federal Reserve.

U.S. factory orders, international trade and the ISM non-manufacturing index are also set to be released today.

Investor sentiment remained buoyant following the release of strong economic indicators across the currency bloc. While German retail sales data beat estimates, French consumer inflation and consumer confidence painted a positive picture of the economy.

The currency has been trading higher against its key counterparts in the Asian session, with the exception of the pound.

The greenback extended rise to an 8-day high of 113.20 against the yen, off its early low of 112.72. The next possible resistance for the greenback is seen around the 114.5 region.

The latest survey from Nikkei showed that Japan's services sector continued to expand in December, although at a marginally slower rate, with a Services PMI score of 51.1.

That's down from 51.2 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The greenback edged up to 0.9773 against the franc and 1.2042 against the euro, from its previous lows of 0.9733 and 1.2080, respectively. On the upside, 0.99 and 1.19 are likely seen as the next resistance levels for the greenback against the franc and the euro, respectively.

Reversing from an early 2-day low of 1.3577 against the pound, the greenback rose to 1.3523. The greenback is seen finding resistance around the 1.34 area.

Data from the the British Retail Consortium showed that the U.K. shop prices fell 0.6 percent on year in December.

That missed expectations for a flat reading following the 0.1 percent contraction in November.

The greenback advanced to 0.7835 against the aussie and 1.2512 against the loonie, reversing from its early 2-1/2-month lows of 0.7870 and 1.2482, respectively. If the greenback extends rise, it may find resistance around 0.77 against the aussie and 1.26 against the loonie.

Apart from the U.S. data, Canada jobs data and Ivey PMI for December are set for release in the New York session.

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