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Forex News: Dollar Mixed After Better Than Expected Employment Report

Dollar Mixed After Better Than Expected Employment Report

06/01/2018 - 14:47:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon. Traders were confronted with some major news at the end of the trading week, including some big changes in the world of European politics and the better than expected U.S. jobs report for May.

Employment in the U.S. jumped by much more than anticipated in the month of May, according to a report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment surged up by 223,000 jobs in May after climbing by a downwardly revised 159,000 jobs in April.

Economists had expected employment to increase by 188,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.

With the jump in employment, the unemployment rate edged down to 3.8 percent in May from 3.9 percent in April. The unemployment rate had been expected to come in unchanged.

A report released by the Institute for Supply Management on Friday showed growth in manufacturing activity in the U.S. accelerated by more than expected in the month of May.

The ISM said its purchasing managers index climbed to 58.7 in May from 57.3 in April, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to rise to 58.1.

After reporting a sharp drop in U.S. construction spending in the previous month, the Commerce Department released a report on Friday showing a substantial rebound in construction spending in the month of April.

The Commerce Department said construction spending spiked by 1.8 percent to an annual rate of $1.310 trillion in April after plunging by 1.7 percent to a rate of $1.287 trillion in March. Economists had expected construction spending to climb by 0.8 percent.

Italy's anti-establishment Five Star Movement and the far-right League reached a deal to form a populist government, helping avert the prospect of a snap election.

Meanwhile, Spanish Prime Minister Mariano Rajoy was ousted by a no-confidence vote in Parliament. He will be replaced by Socialist leader Pedro Sanchez.

The dollar has climbed to around $1.1660 against the Euro Friday afternoon, from an early low of $1.1717.

The upturn in the Eurozone manufacturing sector showed further signs of cooling in May, as initially estimated, final data from IHS Markit showed Friday. The factory Purchasing Managers' Index fell to a 15-month low of 55.5 from 56.2 in April. The score matched the flash estimate of 55.5.

The buck rose to an early high of $1.3252 against the pound sterling, but has since retreated to around $1.3350.

The UK manufacturing sector expanded at a faster pace in May, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Friday. The manufacturing Purchasing Managers' Index rose unexpectedly to 54.4 in May from a 17-month low of 53.9 in April. The score was expected to drop to 53.5.

The greenback climbed to a high of Y109.732 against the Japanese Yen Friday, but has since eased back to around Y109.515.

The manufacturing sector in Japan continued to expand in May, albeit at a slower rate, the latest survey from Nikkei revealed on Friday with a manufacturing PMI score of 52.8. That's down from 53.8 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Capital spending in Japan was up 3.4 percent in the first quarter of 2018, the Ministry of Finance said on Friday. That exceeded expectations for 3.1 percent but slowed from 4.3 percent in the three months prior.

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