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Forex News: Dollar Higher After Upbeat U.S. Jobs Data

Dollar Higher After Upbeat U.S. Jobs Data

02/02/2018 - 09:47:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the European session on Friday, as robust U.S. jobs data bolstered the prospect of a Federal Reserve interest rate hike in March.

Data from the Labor Department showed that the non-farm payroll employment surged up by 200,000 jobs in January after climbing by an upwardly revised 160,000 jobs in December.

Economists had expected employment to increase by about 180,000 jobs compared to the addition of 148,000 jobs originally reported for the previous month.

The Labor Department said the unemployment rate came in at 4.1 percent in January, unchanged from the three previous months and in line with economist estimates.

Meanwhile, the annual rate of growth in average hourly employee earnings accelerated to 2.9 percent in January from an upwardly revised 2.7 percent in December.

The greenback traded mixed against its major opponents in the Asian session. While it rose against the yen, it held steady against the rest of major counterparts.

The greenback climbed to a 9-day high of 110.34 versus the yen, from a low of 109.28 hit at 8:30 pm ET. If the greenback rises further, it may target resistance around the 113.00 level.

Data from the Bank of Japan showed that Japan's monetary base rose 9.7 percent on year in January, coming in at 477.259 trillion yen.

That follows the 11.2 percent increase in December.

Reversing from an early session's low of 0.9256 against the franc, the greenback edged up to 0.9322. The next possible resistance for the greenback is seen around the 0.95 level.

Having fallen to 1.2518 against the euro at 3:15 am ET, the greenback reversed direction and edged up to 1.2453. The greenback is poised to find resistance around the 1.22 mark.

Data from Eurostat showed that Eurozone producer price inflation eased at a faster-than-expected pace in December.

Producer prices climbed 2.2 percent year-over-year in December, slower than the 2.8 percent rise in November. Economists had expected the inflation to ease to 2.3 percent.

The greenback reversed from an early low of 1.4278 against the pound, rising to 1.4166. On the upside, 1.40 is possibly seen as the next resistance level for the greenback.

The greenback moved up to more than a 2-week high of 0.7938 against the aussie, 3-day highs of 1.2372 against the loonie and 0.7313 against the kiwi, off its early low of 0.8044, 2-day lows of 1.2256 and 0.7405, respectively. Continuation of the greenback's uptrend may see it challenging resistance around 0.77 against the aussie, 1.26 against the loonie and 0.72 against the kiwi.

U.S. factory orders for December and University of Michigan's final consumer sentiment index for January are due shortly.

San Francisco Fed President John Williams speaks about the U.S. economic outlook at the Financial Women of San Francisco luncheon at 2:30 pm ET.

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