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Forex News: Dollar Losing Ground After Employment Report

Dollar Losing Ground After Employment Report

07/06/2018 - 14:31:00 (RTTNews)

(RTTNews) - The dollar is losing ground against its major rivals Friday afternoon, following the release of the mixed jobs report. Employment increased by more than expected in June, but the unemployment rate also unexpectedly ticked up.

Employment in the U.S. increased by more than expected in the month of June, according to a report released by the Labor Department on Friday.

The report said non-farm payroll employment jumped by 213,000 jobs in June after surging up by an upwardly revised 244,000 jobs in May.

Economists had expected employment to climb by 195,000 jobs compared to the addition of 223,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate rose to 4.0 percent in June from 3.8 percent in May. The unemployment rate was expected to be unchanged.

The dollar has dropped to a 3-week low of $1.1735 against the Euro Friday afternoon, from an early high of $1.1679.

Germany's industrial production recovered notably in May after a weaker start to the year, official data showed Friday.

Industrial output grew 2.6 percent month-on-month in May, reversing a revised 1.3 percent drop in April, Destatis reported. This was the biggest expansion in six months. Output was forecast to grow marginally by 0.3 percent.

France's foreign trade gap widened in May, as exports fell faster than imports, figures from the Customs Office showed Friday. The trade deficit rose to EUR 6.0 billion in May from EUR 5.21 billion in the previous month.

The buck has fallen to around $1.3265 against the pound sterling this afternoon, from an early high of $1.3204.

UK labor productivity decreased in the first quarter as a result of the continued strength in employment growth combined with weaker output growth, the Office for National Statistics showed Friday. Labor productivity slid 0.4 percent in the first quarter, which was the first fall in output per hour since the second quarter of 2017.

UK house prices increased at a slower pace in June, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Friday. House prices grew only 0.3 percent on month in June, following May's 1.7 percent increase. Prices were expected to gain 0.2 percent.

The greenback reached a high of Y110.380 against the Japanese Yen Friday morning, but has since retreated to around Y110.485.

The average of monthly spending in Japan was down 1.4 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday, coming in at 281,307 yen. That beat expectations for a fall of 1.5 percent following the 1.3 percent decline in April.

Japan's leading index increased more than expected in May to the highest level in six months, preliminary figures from the Cabinet Office showed Friday. The leading index, which measures the future economic activity, climbed to 106.9 in May from 106.2 in April. The index was forecast to rise to 106.6.

Total labor cash earnings in Japan increased for the tenth straight month in May, and at a faster-than-expected pace, preliminary report from the Ministry of Health, Labor and Welfare showed Friday. Gross earnings climbed 2.1 percent year-over-year in May, faster than the revised 0.6 percent rise in April. Economists had expected a 0.9 percent increase for the month.

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