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Forex News: Dollar Mixed Ahead Of December Jobs Report

Dollar Mixed Ahead Of December Jobs Report

01/04/2018 - 14:53:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Thursday afternoon. The buck is gaining ground against its major European rivals, but is down slightly against the Japanese Yen.

Employment data was mixed this morning, with private sector employment growth topping expectations, while weekly jobless claims unexpectedly increased. Traders are looking forward to the release of the all important jobs report tomorrow morning.

A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. jumped by much more than expected in the month of December. ADP said employment in the private sector surged up by 250,000 jobs in December after climbing by a downwardly revised 185,000 jobs in November.

Economists had expected an increase of about 190,000 jobs, matching the job growth originally reported for the previous month.

With the release of the closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing an unexpected uptick in first-time claims for U.S. unemployment benefits in the week ended December 30th.

The report said initial jobless claims edged up to 250,000, an increase of 3,000 from the previous week's revised level of 247,000. Economists had expected jobless claims to drop to 240,000 from the 245,000 originally reported for the previous week.

The dollar has dropped to around $1.2070 against the Euro Thursday afternoon, from an early high of $1.2003.

Eurozone private sector expanded the most since early 2011 driven by a near-record expansion of manufacturing and the steepest rise in service sector for over six-and-a-half years.

The composite output index rose to 58.1 in December from 57.5 in November, final data from IHS Markit showed Thursday. This was the highest score since February 2011. The score was slightly above the flash estimate of 58.0.

The buck has fallen to around $1.3550 against the pound sterling Thursday afternoon, from a high of $1.3504 this morning.

British service sector growth accelerated at a faster-than-expected pace in December, survey data from IHS Markit showed Thursday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose to 54.2 in December from 53.8 in November. Economists had expected the index to rise to 54.0.

The UK mortgage approvals rose unexpectedly in November, data from the Bank of England revealed Thursday. The number of mortgages approved for house purchases totaled 65,139 in November compared to 64,887 in October. Approvals were forecast to fall to 64,000.

UK house prices increased at a slightly faster pace at the end of 2017, data from Nationwide Building Society showed Thursday. House prices grew 2.6 percent year-on-year in December, slightly faster than the 2.5 percent rise seen in November. The annual rate was expected to ease to 2 percent.

The greenback has risen to around Y112.775 against the Japanese Yen this afternoon, from an early low of Y112.484.

The manufacturing sector in Japan continued to expand in December, and at an accelerated pace, the latest survey from Nikkei showed on Thursday with a manufacturing PMI score of 54.0. That's up from 53.6 in November, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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