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Forex News: Dollar Rising After Strong January Jobs Report

Dollar Rising After Strong January Jobs Report

02/02/2018 - 15:04:00 (RTTNews)

(RTTNews) - The dollar is up against off of its major rivals Friday afternoon. The release of the stronger than expected U.S. jobs report for January this morning has convinced investors that the Federal Reserve will likely raise interest rates at its March meeting.

Employment in the U.S. jumped by more than anticipated in the month of January, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment surged up by 200,000 jobs in January after climbing by an upwardly revised 160,000 jobs in December.

Economists had expected employment to increase by about 180,000 jobs compared to the addition of 148,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate came in at 4.1 percent in January, unchanged from the three previous months and in line with economist estimates.

Revised data released by the University of Michigan on Friday showed only a slight deterioration in U.S. consumer sentiment in the month of January. The report said the consumer sentiment index for January was upwardly revised to 95.7 from the preliminary reading of 94.4. Economists had expected the index to be upwardly revised to 95.0.

After reporting a bigger than expected jump in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Friday showing factory orders once again increased by more than expected in December.

The Commerce Department said factory orders surged up by 1.7 percent in December, matching the upwardly revised jump seen in November. Economists had expected factory orders to climb by 1.5 percent compared to the 1.3 percent increase originally reported for the previous month.

The dollar climbed to a high of $1.2408 against the Euro Friday, but has since retreated to around $1.2460.

Eurozone producer price inflation eased at a faster-than-expected pace in December, data from Eurostat showed Friday. Producer prices climbed 2.2 percent year-over-year in December, slower than the 2.8 percent rise in November. Economists had expected the inflation to ease to 2.3 percent.

The buck has risen to around $1.4135 against the pound sterling Friday afternoon, from an early low of $1.4278.

British construction activity expanded at the slowest pace in four months in January, survey results from IHS Markit showed Friday. The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell more-than-expected to 50.2 in January from 52.2 in December. It was expected to fall to 52.0.

The greenback has advanced to around Y110.245 against the Japanese Yen this afternoon, from an early low of Y109.275.

The monetary base in Japan was up 9.7 percent on year in January, the Bank of Japan said on Friday, coming in at 477.259 trillion yen. That follows the 11.2 percent increase in December.

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