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Forex News: Dollar Rallies As U.S. Jobs Growth Beats Forecast;

Dollar Rallies As U.S. Jobs Growth Beats Forecast; Jobless Rate Near 50-yr Low

05/03/2019 - 09:33:00 (RTTNews)

(RTTNews) - The U.S. dollar extended its early rally against its major counterparts in the European session on Friday, as the U.S. economy added more jobs than expected in April and the unemployment rate fell to its lowest level in nearly fifty years, supporting hopes for Fed adopting a patient stance on future rate hike moves.

Data from the Labor Department showed that non-farm payroll employment surged up by 263,000 jobs in April following a downwardly revised increase of 189,000 jobs in March.

Economists had expected employment to climb by 185,000 jobs compared to the addition of 196,000 jobs originally reported for the previous month.

The unemployment rate subsequently fell to 3.6 percent in April from 3.8 percent in March, while economists had expected the rate to remain unchanged.

The currency was steady against its major counterparts in the Asian session, excepting the franc.

The greenback appreciated to a 3-day high of 1.2987 against the pound, after falling to 1.3043 at 10:15 pm ET. The pair was valued at 1.3023 at yesterday's close. The greenback is seen finding resistance around the 1.28 level.

Survey data from IHS Markit showed that UK services sector expanded in April, after contracting in the previous month, even as demand remained subdued.

The IHS Markit/CIPS UK Services Purchasing Managers' Index, or PMI, climbed to 50.4 from March's 32-month low of 48.9. Economists had forecast a score of 50.4.

The greenback climbed to a 4-day high of 1.0214 against the franc, from a low of 1.0184 touched at 5:00 pm ET. Next key resistance for the greenback is seen around the 1.03 level.

Figures from the Federal Statistical Office showed that Switzerland's consumer price inflation remained steady in April.

The consumer price index rose 0.7 percent year-on-year in April, same as in March. Economists had expected the inflation to remain at 0.7 percent.

Having dropped to 1.1178 against the euro at 8:45 pm ET, the greenback reversed direction and climbed to a weekly high of 1.1135. On the upside, 1.10 is possibly seen as the next resistance level for the greenback.

Preliminary data from Eurostat showed that Eurozone's consumer price inflation accelerated more-than-expected in April to its highest level in five months, led by higher energy prices and services costs.

The consumer price index rose 1.7 percent year-on-year following a 1.4 percent increase in March. Economists had forecast 1.6 percent inflation. The greenback that closed yesterday's trading at 111.49 against the yen spiked up to a 3-day high of 111.68. The next key resistance for the greenback is likely seen around the 113.00 region.

The greenback strengthened to a weekly high of 1.3489 against the loonie and an 8-day high of 0.6606 against the kiwi from yesterday's closing values of 1.3474 and 0.6615, respectively. If the greenback rises further, 1.375 and 0.65 are likely seen as its next resistance levels against the loonie and the kiwi, respectively

The greenback hovered at a 4-month high of 0.6985 against the aussie, up from Thursday's closing value of 0.6997. The greenback is poised to test resistance around the 0.68 level.

The U.S. ISM services PMI for April is scheduled for release at 10:00 am ET.

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