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Forex News: U.S. Dollar Rises As Traders' Focus On U.S.

U.S. Dollar Rises As Traders' Focus On U.S. Jobs Data

02/03/2017 - 02:32:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Friday, as traders shifted their attention to the monthly U.S. jobs data later in the day for clues to the timing of next Fed interest rate hike.

The Labor Department releases U.S. non-farm payrolls data for January at 8:30 am ET. The economy is expected to add 175,000 job jobs in January, following a gain of 156,000 jobs in December. The unemployment rate is expected to remain unchanged at 4.7 percent in January.

Meanwhile, investors also remained wary about the Trump administration's aggressive foreign policy measures.

Crude oil futures ended lower Thursday, even as Saudi Arabia hiked the price to sell crude oil to Asia more than expected.

Thursday, the U.S. dollar had fallen 0.19 percent against the euro, 1.01 percent against the pound, 0.37 percent against the yen, and 0.02 percent against the franc.

In the Asian trading, the U.S. dollar rose to 2-day highs of 1.0745 against the euro and 0.9939 against the Swiss franc, from yesterday's closing quotes of 1.0758 and 0.9926, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.05 against the euro and 1.01 against the franc.

Against the pound, the greenback advanced to a 3-day high of 1.2510 from yesterday's closing value of 1.2527. The greenback us likely to find resistance around the 1.22 region.

The greenback edged up to 113.23 against the yen, from yesterday's closing value of 112.79. On the upside, 116.00 is seen as the next resistance level for the greenback.

Looking ahead, PMI reports from major European economies for January and Eurozone retail sales data for December are due to be released later in the day.

At 7:45 am ET, ECB Board Member Vitor Constancio will hold a keynote speech at an event entitled "Tackling Europe's non-performing loans crisis: restructuring debt, reviving growth" organized by Bruegel in Brussels.

In the New York session, U.S. jobs data for January, final services PMI data for January, factory orders for December, durable goods orders for December, U.S. ISM non-manufacturing PMI for January and U.S. Baker Hughes rig count data are slated for release.

At 9:15 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about the economic outlook and monetary policy at the Prairie State College Economic Breakfast, in Olympia Fields.

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