Dollar Climbs Ahead Of U.S. Jobs Data
05 Janvier 2018 - 6:59AM
RTTF2
The U.S. dollar strengthened against its major rivals in early
European deals on Friday, ahead of the all-important U.S. nonfarm
payrolls data due later in the day, which would shed more clues
about economic growth in the world's largest economy.
Data from the Labor Department is expected to show that the
economy may have added 190,000 jobs in December following the jump
of 228,000 jobs in November. The unemployment rate is expected to
hold at 4.1 percent.
The data plays a vital role in helping shape expectations for
next rate hike action from the Federal Reserve.
U.S. factory orders, international trade and the ISM
non-manufacturing index are also set to be released today.
Investor sentiment remained buoyant following the release of
strong economic indicators across the currency bloc. While German
retail sales data beat estimates, French consumer inflation and
consumer confidence painted a positive picture of the economy.
The currency has been trading higher against its key
counterparts in the Asian session, with the exception of the
pound.
The greenback extended rise to an 8-day high of 113.20 against
the yen, off its early low of 112.72. The next possible resistance
for the greenback is seen around the 114.5 region.
The latest survey from Nikkei showed that Japan's services
sector continued to expand in December, although at a marginally
slower rate, with a Services PMI score of 51.1.
That's down from 51.2 in November, although it remains above the
boom-or-bust line of 50 that separates expansion from
contraction.
The greenback edged up to 0.9773 against the franc and 1.2042
against the euro, from its previous lows of 0.9733 and 1.2080,
respectively. On the upside, 0.99 and 1.19 are likely seen as the
next resistance levels for the greenback against the franc and the
euro, respectively.
Reversing from an early 2-day low of 1.3577 against the pound,
the greenback rose to 1.3523. The greenback is seen finding
resistance around the 1.34 area.
Data from the the British Retail Consortium showed that the U.K.
shop prices fell 0.6 percent on year in December.
That missed expectations for a flat reading following the 0.1
percent contraction in November.
The greenback advanced to 0.7835 against the aussie and 1.2512
against the loonie, reversing from its early 2-1/2-month lows of
0.7870 and 1.2482, respectively. If the greenback extends rise, it
may find resistance around 0.77 against the aussie and 1.26 against
the loonie.
Apart from the U.S. data, Canada jobs data and Ivey PMI for
December are set for release in the New York session.
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