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Forex News: Dollar Mixed After U.S. Jobs Data

Dollar Mixed After U.S. Jobs Data

05/05/2017 - 09:46:00 (RTTNews)

(RTTNews) - The U.S. dollar traded mixed against its major counterparts in the European session on Thursday, after the release of U.S. jobs data in April, which showed robust job growth in the month of April.

Data from the Labor Department showed that U.S. job growth reaccelerated much more than anticipated in April after showing a notable slowdown in March.

The report said non-farm payroll employment jumped by 211,000 jobs in April after climbing by a downwardly revised 79,000 jobs in March.

Economists had expected employment to increase by 185,000 jobs compared to the addition of 98,000 jobs originally reported for the previous month.

With the stronger than expected job growth, the unemployment rate edged down to 4.4 percent in April from 4.5 percent in March. The unemployment rate had been expected to tick up to 4.6 percent.

Traders also keep an eye on speeches by several Fed officials, including Fed Chair Janet Yellen, to ascertain their views on the economy and interest rates.

The greenback showed mixed performance in the Asian session. While the greenback fell against the franc, the yen and the euro, it held steady against the pound.

The greenback dropped to 1.0992 against the euro, a level not seen since November 2016. Continuation of the greenback's downtrend may see it finding support around the 1.13 region.

The greenback slipped to a weekly low of 1.2958 against the pound, after having advanced to 1.2901 at 9:30 pm ET. If the greenback extends decline, 1.31 is possibly seen as its next support level.

Survey figures from business advisory services firm BDO showed that UK high street sales was weak in April despite Easter holidays that fell late this year and a dismal prior year baseline.

Retailers saw April's like-for-like trading grow just 1.9 percent, the BDO's High Street Sales Tracker report said. In contrast, there was a 6.1 percent fall in April last year, which was the worst monthly performance since February 2009.

Bouncing off from an early 2-day low of 112.09 versus the Japanese yen, the greenback edged up to 112.73. The next possible resistance for the greenback-yen pair is likely seen around the 114.00 region.

The greenback held steady at 0.9894 against the Swiss franc, after having recovered from an early more than 5-week low of 0.9855. The pair finished Thursday's trading at 0.9863.

Looking ahead, Canada Ivey PMI for April and U.S. consumer credit for March are due shortly.

At 11:30 am ET, the Fed Governor Stanley Fischer speaks about "Monetary Policy Rules and Committees" at the Hoover Institution, in Stanford.

San Francisco Fed President John Williams speaks before the Shadow Open Market Committee in New York at 12:45 pm ET.

The Fed Chair Janet Yellen gives a speech titled "125 Years of Women's Participation in the Economy" at Brown University, in Providence at 1:30 pm ET.

Simultaneously, Chicago Fed President Charles Evans speaks at the Hoover's Monetary Policy Conference, in Stanford.

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