Dollar Higher After Upbeat U.S. Jobs Data
02 Februar 2018 - 10:47AM
RTTF2
The U.S. dollar advanced against its major counterparts in the
European session on Friday, as robust U.S. jobs data bolstered the
prospect of a Federal Reserve interest rate hike in March.
Data from the Labor Department showed that the non-farm payroll
employment surged up by 200,000 jobs in January after climbing by
an upwardly revised 160,000 jobs in December.
Economists had expected employment to increase by about 180,000
jobs compared to the addition of 148,000 jobs originally reported
for the previous month.
The Labor Department said the unemployment rate came in at 4.1
percent in January, unchanged from the three previous months and in
line with economist estimates.
Meanwhile, the annual rate of growth in average hourly employee
earnings accelerated to 2.9 percent in January from an upwardly
revised 2.7 percent in December.
The greenback traded mixed against its major opponents in the
Asian session. While it rose against the yen, it held steady
against the rest of major counterparts.
The greenback climbed to a 9-day high of 110.34 versus the yen,
from a low of 109.28 hit at 8:30 pm ET. If the greenback rises
further, it may target resistance around the 113.00 level.
Data from the Bank of Japan showed that Japan's monetary base
rose 9.7 percent on year in January, coming in at 477.259 trillion
yen.
That follows the 11.2 percent increase in December.
Reversing from an early session's low of 0.9256 against the
franc, the greenback edged up to 0.9322. The next possible
resistance for the greenback is seen around the 0.95 level.
Having fallen to 1.2518 against the euro at 3:15 am ET, the
greenback reversed direction and edged up to 1.2453. The greenback
is poised to find resistance around the 1.22 mark.
Data from Eurostat showed that Eurozone producer price inflation
eased at a faster-than-expected pace in December.
Producer prices climbed 2.2 percent year-over-year in December,
slower than the 2.8 percent rise in November. Economists had
expected the inflation to ease to 2.3 percent.
The greenback reversed from an early low of 1.4278 against the
pound, rising to 1.4166. On the upside, 1.40 is possibly seen as
the next resistance level for the greenback.
The greenback moved up to more than a 2-week high of 0.7938
against the aussie, 3-day highs of 1.2372 against the loonie and
0.7313 against the kiwi, off its early low of 0.8044, 2-day lows of
1.2256 and 0.7405, respectively. Continuation of the greenback's
uptrend may see it challenging resistance around 0.77 against the
aussie, 1.26 against the loonie and 0.72 against the kiwi.
U.S. factory orders for December and University of Michigan's
final consumer sentiment index for January are due shortly.
San Francisco Fed President John Williams speaks about the U.S.
economic outlook at the Financial Women of San Francisco luncheon
at 2:30 pm ET.
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