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Forex News: U.S. Dollar Rebounds After Strong Jobs Data

U.S. Dollar Rebounds After Strong Jobs Data

07/02/2020 - 09:52:00 (RTTNews)

(RTTNews) - The U.S. dollar erased some of its early losses against its major counterparts in the early New York session on Thursday, after a data showed that U.S. employment grew more than expected in June.

Data from the Labor Department showed that non-farm payroll employment skyrocketed by 4.8 million jobs in June after soaring by an upwardly revised 2.7 million jobs in May.

Economists had expected employment to surge up by about 3.0 million jobs compared to the spike of 2.5 million jobs originally reported for the previous month.

The Labor Department also said the unemployment rate dropped to 11.1 percent in June from 13.3 percent in May. The unemployment rate had been expected to dip to 12.3 percent.

The greenback climbed to 107.72 against the yen, from a 3-day low of 107.33 set in the Asian session. The pair was worth 107.47 when it ended deals on Wednesday.

The greenback recovered to 1.1251 against the euro and 1.2469 against the pound, from its early 8-day lows of 1.1303 and 1.2530, respectively.

The greenback reversed from its early 9-day low of 0.9427 against the franc and trading at 0.9457.

The greenback is likely to find resistance around 112.00 against the yen, 1.10 against the euro, 1.22 against the pound and 0.97 against the franc.

U.S. factory orders for May are due at 10:00 am ET.

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