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Forex News: Dollar Higher After Better-than-expected U.S. Jobs Data

Dollar Higher After Better-than-expected U.S. Jobs Data

02/07/2020 - 09:59:00 (RTTNews)

(RTTNews) - The U.S. dollar turned higher in the European session on Friday, after a data showed that the nation's job growth grew more than anticipated in January, signaling continued improvement in the labor market.

Data from the Labor Department showed that employment jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December.

Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate inched up to 3.6 percent in January from 3.5 percent in December. Economists had expected the employment rate to remain unchanged.

The dollar has gained in recent sessions from solid data and the negative sentiment generated from the outbreak of the coronavirus.

The greenback traded mixed against its major rivals in the Asian session. While it fell against the yen and the pound, it held steady against the euro and the franc.

The greenback appreciated to 0.9770 against the franc, its strongest since December 27. The greenback is seen finding resistance around the 1.00 mark.

The greenback rose back to 110.00 against the yen, not far from over a 2-week high of 110.02 seen in the Asian session. This followed a 2-day low of 109.67 set at 5:15 am ET. Next key resistance for the greenback is likely seen around the 112.00 level.

Preliminary data from the Cabinet Office showed that Japan's leading index rose in December after falling in the previous month.

The leading index, which measures the future economic activity, rose to 91.6 in December from 90.8 in November. Economists had expected a score of 91.3. A similar reading was seen in October.

The greenback remained firm against the euro, after having climbed to a 4-month peak of 1.0948 at 5:25 am ET. The greenback is likely to face resistance around the 1.05 region, if it gains again.

Data from Destatis showed that Germany's exports rose marginally and imports declined for the second straight month in December.

Exports grew only 0.1 percent in December from November, when it fell 2.2 percent. Economists had forecast a 0.6 percent monthly rise.

The greenback extended its early rally to near an 11-year high of 0.6662 against the aussie and a 2-1/2-month high of 0.6403 against the kiwi, from its early lows of 0.6737 and 0.6464, respectively. Should the greenback strengthens further, it is likely to test resistance around 0.63 against the aussie and 0.62 against the kiwi.

The greenback bounced off to 1.3317 against the loonie, from a low of 1.3279 set at 8:30 am ET. The currency is thus heading to pierce more than a 2-month peak of 1.3320 registered at 7:45 am ET. The greenback is poised to challenge resistance around the 1.35 mark.

In contrast, the greenback reached as low as 1.2952 against the pound, compared to Thursday's closing value of 1.2927. The greenback may locate support around the 1.32 level.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices grew at a slower pace in January.

House prices increased 0.4 percent on a monthly basis, much slower than the 1.8 percent increase posted in December and 1.2 percent rise in November.

Looking ahead, U.S. final wholesale inventories and consumer credit for December and Canada Ivey PMI for January are set for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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