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Forex News: Dollar Mixed After Jobs Growth Underwhelms

Dollar Mixed After Jobs Growth Underwhelms

11/03/2017 - 14:57:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon. The buck is up against the Euro and the Japanese Yen, but is down slightly against the British pound. Investors were focused on today's employment report for October, which came in weaker than anticipated.

The U.S. economy added 261,000 jobs in October as employment rebounded from anemic gains in the prior month due to hurricanes Harvey and Irma. Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September.

The unemployment rate fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work. Economists had expected the rate to remain unchanged.

The U.S. trade gap widened slightly in September, though not significantly more than economists had predicted. This according to government figures released Friday.

The U.S. Commerce Department said the country's trade deficit widened in September to $43.5 billion, compared to a figure of $42.8 billion in the previous month. Economists had expected the figure to widen, though the final amount was slightly more than the $43.4 billion economists had expected.

Activity in the U.S. service sector unexpectedly grew at a faster rate in the month of October, according to a report released by the Institute for Supply Management on Friday.

The ISM said its non-manufacturing index inched up to 60.1 in October from 59.8 in September, with a reading above 50 indicating growth in the service sector. Economists had expected the index to drop to 58.6.

The dollar has climbed to around $1.16 against the Euro this afternoon, from an early low of $1.1689.

The buck fell to an early low of $1.3129 against the pound sterling Friday, but has since rebounded to around $1.3065.

The UK service sector expanded at the strongest pace in six months in October, largely driven by improved order books and client demand, survey data from IHS Markit showed Friday. 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 slipped to a low of Y113.553 against the Japanese Yen this morning, but has since risen to around Y114.250.

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