Forex News: U.S. Dollar Advances Amid Stronger-Than-Anticipated US NFP D

U.S. Dollar Advances Amid Stronger-Than-Anticipated US NFP Data

(RTTNews) - The U.S. Dollar value edged higher after robust nonfarm payrolls data release in the U.S. In addition, despite U.S. President Donald Trump confirming progress in U.S.-Iran talks, the delay in reopening of the Strait of Hormuz kept oil-related inflationary concerns alive.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 100.06, up by 0.63 (or 0.63%) today.

While against the Euro, USD was trading at 1.152, up by 0.74%, against the GBP, it was trading at 1.333, up by 0.64%.

Against the USD, the Japanese Yen was trading at 160.194, down by 0.11% and the Swiss Franc was trading at 0.796, down by 0.82%

Compared to the USD, the Canadian Dollar was trading at 1.394, down by 0.25%.

Data released by Statistics Canada today revealed that the unemployment rate in Canada fell to 6.60% in May from 6.90% of the previous month, firmly below market expectations that it would remain at 6.90%.

Employment in Canada rose by 88,000 in May, a 0.40% increase from April, well above market expectations for a gain of 10,000.

Employment increased among both private-sector workers (by 56,000) and public-sector employees (by 20,000).

Against one unit of Australian Dollar, USD was trading at 0.704, up by 1.30%.

The U.S.-Israel versus Iran war entered day number 98 today.

On Wednesday, mediated by the U.S., Israel and Lebanon agreed to implement a ceasefire.

Both nations consented to talk by the end of this month to work out a comprehensive deal.

The ceasefire called for complete cessation of Hezbollah militant group's firings and the exit of all Hezbollah operatives from the South Litani Sector.

Though the Iran-backed Hezbollah militant group rejected the truce and the organization's leader Naim Qassem called the deal a "farce", traders remain optimistic on a possible end to the conflict.

Yesterday, Trump announced that talks were progressing well with Iran and added that he expected a deal over this weekend.

Trump also affirmed that once an agreement is made, the Strait of Hormuz will be reopened quickly.

In line with Trump's message, Iran's Foreign Minister stated that Iran has kept all channels of communication with the U.S. open.

Despite assurances from the U.S. and Iran, the delay in reopening of the Strait of Hormuz continues to increase inflationary pressures due to supply-disruption induced oil price rise.

On the economic front, data from the U.S. Bureau of Labor Statistics revealed a 172,000 job addition in May, far above forecasts of 85,000.

The unemployment rate remained at 4.30% in May, in line with market expectations. The number of unemployed decreased by 66,000 to 7,310,000 while total employment increased by 149,000 to 162,770,000.

These numbers point to resilience in the labor market despite the headwinds to the U.S. economy due to rising oil and energy prices as a result of gulf war.

The stronger-than-expected jobs data along with continuing Middle East uncertainty brought back inflationary concerns.

Investors are betting at a 96.20% chance that the U.S. Federal Reserve will hold the interest rates at the current level in its upcoming meeting on June 16-17, according to the CME Group's FedWatch Tool.

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