Forex News: U.S. Dollar Trades Higher Against Most Majors

U.S. Dollar Trades Higher Against Most Majors

(RTTNews) - The U.S. dollar traded higher against its most major counterparts on Thursday ahead of the release of nonfarm payrolls report on Friday.

Economists forecast nonfarm payrolls to increase by 170,000 jobs in January after rising by 256,000 jobs in December. The unemployment rate is expected to hold steady at 4.1 percent.

The data could help determine growth of the labor market and the Federal Reserve's rate path.

On the data front, first-time claims for U.S. unemployment benefits rose more than expected in the week ended February 1.

Initial jobless claims climbed to 219,000, an increase of 11,000 from the previous week's revised level of 208,000.

Economists had expected initial jobless claims to rise to 213,000 from the 207,000 originally reported for the previous week.

The greenback touched a 3-day high of 1.2359 against the pound and 2-day highs of 1.0352 against the euro and 0.9062 against the franc, off its early lows of 1.2509, 1.0405 and 0.9008, respectively. The currency is seen facing resistance around 1.21 against the pound, 1.02 against the euro and 0.92 against the franc.

In contrast, the greenback fell to near a 2-month low of 151.65 against the yen. If the currency falls further, it is likely to test support around the 145.00 region.

The greenback retreated to 0.6287 against the aussie, 0.5677 against the kiwi and 1.4301 against the loonie, from its early highs of 0.6255 and 0.5651 and a 2-day high of 1.4367, respectively. The next possible support for the greenback is seen around 0.65 against the aussie, 0.60 against the kiwi and 1.38 against the loonie.

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