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Forex News: Dollar Rising Ahead Of Employment Report

Dollar Rising Ahead Of Employment Report

04/05/2018 - 15:04:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against its major rivals Thursday afternoon as concerns over a trade war between the U.S. and China have eased. Officials from both the U.S. and China have signaled their desire for talks about the recently proposed tariff plans.

Traders are also looking forward to the release of the widely followed U.S. employment report tomorrow morning. Employment is expected to increase by 198,000 jobs in March after spiking by 313,000 jobs in February. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.

With the release of the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing a bigger than expected increase in first-time claims for U.S. unemployment benefits in the week ended March 31st.

The report said initial jobless claims climbed to 242,000, an increase of 24,000 from the previous week's revised level of 218,000. Economists had expected jobless claims to rise to 225,000 from the 215,000 originally reported for the previous week.

A report released by the Commerce Department on Thursday showed the U.S. trade deficit widened by more than anticipated in the month of February. The Commerce Department said the trade deficit widened to $57.6 billion in February from a revised $56.7 billion in January.

Economists had expected the trade deficit to widen to $56.8 billion from the $56.6 billion originally reported for the previous month.

The dollar has climbed to a 2-week high of $1.2238 against the Euro Thursday afternoon, from an early low of $1.2290.

Eurozone private sector activity expanded at the weakest pace since the start of 2017 as rates of growth moderated in both manufacturing and services, final data from IHS Markit showed Thursday. The composite output index fell to 55.2 in March from 57.1 in February. The score was also below the flash estimate of 55.3.

Eurozone retail sales increased at a slower-than-expected pace in February after falling in the previous two months, data from Eurostat showed Thursday. The volume of retail sales edged up 0.1 percent month-over-month in February, reversing January's 0.3 percent drop, which was revised from a 0.1 percent fall reported earlier.

Eurozone producer price inflation held steady in February after easing in the previous two months, data from Eurostat showed Thursday. Producer prices climbed 1.6 percent year-over-year in February, the same rate of increase as in January, which was revised up from 1.5 percent.

Germany's factory orders recovered in February on foreign demand, figures from Destatis revealed Thursday. Factory orders rose 0.3 percent month-on-month in February, reversing a revised 3.5 percent decrease seen in January. Nonetheless, the pace of expansion was much weaker than the expected 1.5 percent rise.

The buck has risen to a 2-week high of $1.40 against the pound sterling Thursday afternoon, from a low of $1.4096.

The UK service sector expanded at the weakest pace since July 2016 due to bad weather, survey data from IHS Markit showed Thursday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell more-than-expected to 51.7 in March from 54.5 in February. The score was forecast to drop to 54.0.

The greenback has broken out to over a 1-month high of Y107.425 against the Japanese Yen this afternoon, from a low of Y106.706 this morning.

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