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

Dollar Mixed After U.S. Jobs Data

07/07/2017 - 09:20:00 (RTTNews)

(RTTNews) - The greenback was trading mixed against its major counterparts in the European session on Friday, after a data showed stronger-than-expected U.S. jobs growth in June, although the unemployment rate ticked up.

Data from the Labor Department showed that U.S. employment increased much more than expected in the month of June.

The report said non-farm payroll employment jumped by 222,000 jobs in June following an upwardly revised increase of 152,000 jobs in May.

Economists had expected employment to climb by 179,000 jobs compared to the addition of 138,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate inched up to 4.4 percent in June from 4.3 percent in May. Economists had expected the unemployment rate to hold steady.

The G20 economic summit got underway in Germany, with issues on terrorism, global trade and climate change to be high on the agenda. German Chancellor Angela Merkel, who is hosting the summit, said she expects to find "compromises and answers" on contentious subjects on the agenda as world leaders met amid protests to disrupt the summit.

The greenback rose against its major opponents in the Asian session, with the exception of the franc.

The greenback retreated to 0.9607 Swiss franc, from a high of 0.9644 hit in the immediate aftermath of the data. The greenback is likely to target support around the 0.93 region.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate remained stable in June.

The jobless rate held steady at seasonally adjusted 3.2 percent in June, in line with expectations.

The greenback spiked up to a 9-day high of 1.2878 against the pound, compared to yesterday's closing value of 1.2970. Next likely resistance for the greenback is seen around the 1.27 level.

Data from the Office for National Statistics showed that UK industrial production fell unexpectedly in May.

Industrial output fell 0.1 percent month-on-month in May, confounding expectations for an increase of 0.4 percent and reversed a 0.2 percent rise registered in April.

The greenback resumed its early advance against its Japanese counterpart, touching a near a 2-month high of 113.86. The greenback is seen finding resistance around the 115.00 mark. The pair ended Thursday's trading at 113.21.

Preliminary data from the Cabinet Office showed that Japan's leading index strengthened in May, while coincident index fell from April.

The leading index that measures the future economic activity, rose to 104.7 in May from 104.2 in April. The score was forecast to rise to 104.6.

The greenback fell to a weekly low of 1.1440 against the euro, following a brief rise to 1.1384 soon after the data. Continuation of the greenback's downtrend may see it challenging support around the 1.16 area.

Data from Destatis showed that German industrial production grew at the fastest pace in four months in May.

Industrial production grew 1.2 percent month-on-month in May, faster than the 0.4 percent increase seen in April and exceeded economists' forecast of 0.2 percent.

Looking ahead, Canada Ivey PMI for May is due shortly.

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