Dollar Inches Higher; Sterling Set for Best Week Since March By

© Reuters. The dollar rose against its rivals on Friday. – The dollar rose against its rivals Thursday after data showed the U.S. economy created more jobs than expected last month, strengthening the Federal Reserve’s case to continue gradually raising rates.

The , which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.31% to 96.57.

The Labor Department said Friday employment increased by 250,000 jobs in October, beating economists’ estimates for 193,000 new jobs. While the was unchanged at 3.7%.

rose 0.2% month on month and 3.1% for the year through October, in line with economists’ forecasts.

The better-than-expected jobs data keeps the Fed on track for another hike in December, leading to a tightening cycle that could slightly overshoot the neutral rate over time, TD Securities said.

“The data offers a boost to the dollar, though we think markets will be cautious to push this narrative with positioning stretched and event risk related to the US mid-terms next week,” it added.

The dollar held firm against safe-haven yen despite a selloff on Wall Street as investors fretted about U.S.-China trade tensions. White House economic advisor Larry Kudlow refuted reports that President Donald Trump had asked his Cabinet to put together a trade deal with China.

rose 0.39% to Y113.16.

fell 0.43% to $1.2957, but remained on course for its best week since March on the back of a strong rise Thursday, when the Bank of England signaled more interest rate hikes could be on cards if Britain’s exit from the European Union is smooth.

, meanwhile, rose 0.18% to C$1.3109 as slump in oil prices and soft jobs data from Canada kept a lid on the oil-price-sensitive loonie.

fell 0.20% to $1.1385

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

error: Content is protected !!