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Forex News: Dollar Falls As U.S. Job Growth Slows More

Dollar Falls As U.S. Job Growth Slows More Than Forecast

11/03/2017 - 09:51:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major opponents in the European session on Friday, as a data showed that the economy created less jobs than forecast in October.

Data from the Labor Department showed that the employment rose by 261,000 jobs in October. This follows a revised increase of 18,000 jobs in September, which was originally reported as a decline of 33,000 jobs.

Economists had expected the employment to rise by 313,000 jobs.

The jobless rate fell to 4.1 percent from 4.2 percent in the previous month. The unemployment rate had been expected to remain unchanged from the last month.

Separate data from the same agency showed that the U.S. trade deficit largely matched economists' expectations in September. The deficit widened to $43.5 billion in September from a revised $42.8 billion in August. Economists had been calling for a deficit of $43.2 billion. Meanwhile, investors assessed details of the GOP tax reform bill introduced on Thursday.

The proposal lowers corporate tax rate to 20 percent from 35 percent.

For individuals, the plan reduces the number of tax brackets to four, with tax rates of 12 percent, 25 percent, 35 percent and 39.9 percent.

The tax bill is estimated to increase the debt by $1.5 trillion over the next decade.

The currency has been trading in a negative territory in the Asian session, with the exception of the euro. The greenback declined to 1.3131 against the pound, after having advanced to a 4-week high of 1.3040 at 4:15 am ET. Continuation of the greenback's downtrend may see it challenging support around the 1.33 area.

Survey data from IHS Markit showed that the UK service sector expanded at the strongest pace in six months in October.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 55.6 in October from 53.6 in September. The reading was expected to drop to 53.3.

The greenback reversed from an early high of 1.0002 against the franc, sliding to a 3-day low of 0.9948. The greenback is seen finding support around the 0.98 mark.

Data from the UBS investment bank showed that the Swiss real estate bubble index remained in the risk zone in the third quarter.

The UBS Swiss Real Estate Bubble Index fell to 1.38 in the third quarter from revised 1.41 in the previous quarter.

The greenback hit 1.1690 against the euro, its weakest since October 26. This may be compared to a high of 1.1639 hit at 7:30 am ET. If the greenback extends decline, 1.18 is likely seen as its next support level.

Having advanced to 114.15 against the yen at 5:45 am ET, the greenback reversed direction and weakened to 113.64. The greenback is poised to challenge support around the 113.00 mark.

The greenback eased back to 0.7694 against the aussie, from its early 2-day high of 0.7662. Against the kiwi, the currency hovered at an early 10-day low of 0.6950, down from its previous high of 0.6907. Next likely support for the greenback is seen around 0.775 against the aussie and 0.71 against the kiwi.

The greenback dropped to a 9-day low of 1.2715 versus the loonie, from a high of 1.2835 hit at 5:45 am ET. Further downtrend may take the greenback to a support around the 1.26 mark.

U.S. ISM non-manufacturing index for October and factory orders for September are set for release shortly.

At 12:15 pm ET, Minneapolis Fed President Neel Kashkari speaks about monetary policy and the 2018 outlook at the Women in Housing and Finance luncheon, in Washington DC.

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