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Forex News: Dollar Mixed After U.S. Jobs Data

Dollar Mixed After U.S. Jobs Data

05/06/2022 - 10:20:00 (RTTNews)

(RTTNews) - The U.S. dollar showed mixed trading against its major counterparts in the European session on Friday, following the release of upbeat jobs data for April.

Data from the Labor Department showed a stronger than expected job growth in the month of April.

The report showed non-farm payroll employment surged by 428,000 jobs in April, matching the revised jump seen in March.

Economists had expected employment to climb by 391,000 jobs compared to the addition of 431,000 jobs originally reported for the previous month.

Meanwhile, the Labor Department said the unemployment rate came in unchanged at 3.6 percent. The unemployment rate was expected to edge down to 3.5 percent.

The currency rose against its major counterparts in the Asian session, except the pound.

The greenback rebounded modestly against the franc, with the pair trading at 0.9880. At yesterday's trading close, the pair was quoted at 0.9846. The greenback is likely to face resistance around the 1.00 region, if it gains again.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate remained unchanged in April.

The unemployment rate was a seasonally adjusted 2.2 percent in April, same as seen in March. This was in line with economists' forecast.

The greenback rose back to 130.71 against the yen, on track to pierce a 1-week high of 130.81 seen in the Asian session. The pair had closed Thursday's deals at 130.18. On the upside, 132.00 is seen as its next immediate resistance level.

After climbing to an 8-day high of 1.0483 against the euro at 2:45 am ET, the greenback turned lower and was trading at 1.0574. The pair was worth 1.0540 when it closed deals on Thursday. The greenback is poised to find support around the 1.08 level.

Data from Destatis showed that German industrial production declined more than expected in March.

Industrial output was down 3.9 percent month-on-month in March, much bigger than the economists' forecast of -1.0 percent and reversed February's revised 0.1 percent rise.

The greenback staged a rebound against the pound and was trading at 1.2318. This may be compared to a multi-year high of 1.2276 it touched at 2:55 am ET. The pound-greenback pair had ended yesterday's trading session at 1.2358. The greenback is seen finding resistance around the 1.20 mark.

Looking ahead, U.S. consumer credit for March and Canada Ivey PMI for April will be published in the New York session.

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