Dollar Weakens As U.S. Job Growth Slows
05 Janvier 2018 - 10:10AM
RTTF2
The U.S. dollar declined against its major opponents in the
European session on Friday, as U.S. job growth grew much less than
anticipated in December and trade deficit widened in November.
Data from the Labor Department showed that non-farm payroll
employment climbed by 148,000 jobs in December after spiking by an
upwardly revised 252,000 jobs in November.
Economists had expected employment to increase by 190,000 jobs
compared to the addition of 228,000 jobs originally reported for
the previous month.
Meanwhile, the Labor Department said the unemployment rate came
in at 4.1 percent in December, unchanged from the two previous
months and in line with economist estimates.
Data from the Commerce Department showed that the trade deficit
widened to $50.5 billion in November from a revised $48.9 billion
in October.
The deficit had been expected to widen to $49.5 billion from the
$48.7 billion originally reported for the previous month.
The greenback rose against its major rivals in the Asian
session, with the exception of the pound.
Reversing from an early high of 0.9773 against the franc, the
greenback eased to 0.9740. If the greenback falls further, 0.96 is
possibly seen as its next support level.
Having advanced to an 8-day high of 113.30 against the yen at
8:15 am ET, the greenback reversed direction and pulled back to
113.03. Continuation of the greenback's downtrend may see it
challenging support around the 112.00 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 retreated to 1.2082 against the euro, from a high
of 1.2042 hit at 4:45 am ET. The next possible support for the
greenback is seen around the 1.23 area.
Flash data from Eurostat showed that Eurozone inflation eased
slightly in December on slower growth in energy prices.
Inflation eased marginally to 1.4 percent in December from 1.5
percent in November.
The greenback fell to 2-day low of 1.3582 against the pound, off
its early high of 1.3523. The greenback is seen finding support
around the 1.37 mark.
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 slipped to a 2-1/2-month low of 0.7187 against the
kiwi and more than a 3-month low of 1.2367 against the loonie,
reversing from its previous highs of 0.7145 and 1.2513,
respectively. Next key support levels for the greenback are seen
around 0.73 against the kiwi and 1.22 against the loonie,
respectively.
The greenback fell back to 0.7868 against the aussie, heading to
pierce its Asian session's 2-1/2-month low of 0.7870. The greenback
is poised to find support around the 0.80 mark.
Data from the Australian Bureau of Statistics showed that
Australia logged a seasonally adjusted merchandise trade deficit of
A$628 million in November.
That was well shy of forecasts for a surplus of A$550 million
following the A$105 million surplus in October.
Looking ahead, the U.S. ISM non-manufacturing survey for
December and factory and durable goods orders for November, as well
as Canada Ivey PMI for December are due shortly.
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