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Forex News: Dollar Higher As U.S. Job Growth Beats Forecasts

Dollar Higher As U.S. Job Growth Beats Forecasts

04/02/2021 - 10:35:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on Friday, as U.S. employment grew much more than expected in March led by stimulus and vaccine progress, in a sign of recovery in the economy.

Data from the Labor Department showed that non-farm payroll employment surged up by 916,000 jobs in March after climbing by an upwardly revised 468,000 jobs in February.

Economists had expected employment to jump by 647,000 jobs compared to the addition of 379,000 jobs originally reported for the previous month.

The unemployment rate fell to 6.0 percent in March from 6.2 percent in February. The drop matched expectations.

U.S. treasury yields pulled back, with the 10-year yield falling to 1.67 percent.

Investors digested President Joe Biden's $2.25 trillion spending plan, which includes infrastructure spending, green initiatives and other efforts to boost the economy.

Trading volumes were thin as many traders were away from their desks on account of the Good Friday holiday.

The greenback held steady against its major rivals in the Asian session, except the pound.

The greenback rebounded to 110.74 against the yen, from a 2-day low of 110.37 touched at 4:45 am ET. The pair had closed Thursday's deals at 110.59. The greenback is poised to find resistance around the 112.00 level.

The greenback rose to 0.9430 against the franc from yesterday's close of 0.9416. The greenback is likely to challenge resistance around the 0.96 level.

The greenback edged higher to 1.1749 against the euro, after falling to a 4-day low of 1.1787 at 4:45 am ET. The pair was worth 1.1776 when it closed deals on Thursday. Next key resistance for the greenback is seen around the 1.15 region.

The greenback was trading at 1.3821 against the pound, up from a 10-day low of 1.3852 set in the Asian session. The pound-greenback pair had ended yesterday's trading session at 1.3830. The greenback may test resistance around the 1.34 level.

The greenback, having fallen to a 10-day low of 1.2528 against the loonie at 11:15 pm ET, reversed direction and ticked higher to 1.2574. The greenback was trading at 1.2545 against the loonie at yesterday's close. If the greenback rises further, it may find resistance around the 1.29 level.

Having dropped to a 2-day low of 0.7637 at 11:00 pm ET, the greenback turned higher against the aussie, with the pair trading at 0.7600. The greenback was worth 0.7616 per aussie at Thursday's New York session close. Continuation of the greenback's uptrend may see it challenging resistance around the 0.73 level.

The greenback reversed from an early 10-day low of 0.7047 against the kiwi, with the pair worth 0.7016. At Thursday's close, the pair was valued at 0.7012. Further uptrend of the greenback is likely to take it to a resistance around the 0.68 area.

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