Forex News: U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data

U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data

02/03/2023 - 04:25:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts on Friday, as investors awaited U.S. jobs data later in the day for more clues about the strength of the labor market.

Economists expect U.S. employment to increase by 185,000 jobs in January after an increase of 223,000 jobs in December. The jobless rate is expected to inch up to 3.6 percent from 3.5 percent.

Positive data on U.S. jobless claims indicated the resilience in the labor market.

The dollar index erased its post-Fed losses and touched a 2-day high of 101.96.

Markets expect a 25 basis point rate hike from the Fed at its March policy meeting, but hope that the central bank is nearing the end of its rate hiking cycle.

The greenback climbed to 2-day highs of 0.9157 against the franc and 1.0882 against the euro, off its early lows of 0.9112 and 1.0912, respectively. The greenback is seen facing resistance around 0.93 against the franc and 1.06 against the euro.

The greenback advanced to 2-day highs of 0.7046 against the aussie and 1.3353 against the loonie, from its early lows of 0.7080 and 1.3311, respectively. The greenback is likely to face resistance around 0.68 against the aussie and 1.35 against the loonie.

The greenback touched 1.2185 against the pound, its strongest level since January 17. Should the greenback strengthens further, it is likely to test resistance around the 1.19 level.

The greenback rose back to 0.6462 against the kiwi, heading to pierce its Asian session's 2-day high of 0.6460. On the upside, 0.62 is likely seen as the next resistance level.

The greenback rebounded modestly against the yen, with the pair trading at 128.69. Next near term resistance for the greenback is likely seen around the 130.00 level.

U.S. jobs data and ISM non-manufacturing PMI for January will be out in the New York session.

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Forex News: U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data

U.S. Dollar Advances Ahead Of Nonfarm Payrolls Data

RECENT FOREX and ECONOMIC NEWS STORIES

FOREX NEWS

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Yen Rises Against Majors

Euro Little Changed After German PPI Data

Euro Falls Ahead Of German PPI Data

Australian Dollar Slides As Traders Remain Cautious