Dollar Weakens After Soft U.S. Jobs Data
06 Abril 2018 - 04:38AM
RTTF2
The U.S. dollar slipped against its major counterparts in the
European session on Friday, following a data showing a slower than
expected U.S. job growth in March.
Data from the Labor Department showed that non-farm payroll
employment rose by 103,000 jobs in March after spiking by an
upwardly revised 326,000 jobs in February.
Economists had expected an increase of about 193,000 jobs
compared to the jump of 313,000 jobs originally reported for the
previous month.
The report also said the unemployment rate came in at 4.1
percent in March, unchanged from the five previous months. The
unemployment rate had been expected to edge down to 4.0
percent.
Investor sentiment faded on renewed trade war concerns, as
President Donald Trump threatened China with $100 billion of
additional tariffs.
The move from Trump comes after the U.S. and China made
tit-for-tat tariff announcements earlier in the week.
The currency held steady against its major rivals in the Asian
session, with the exception of the pound.
The greenback retreated to 107.13 against the yen, after having
advanced to 107.46 at 3:30 am ET. The greenback is seen finding
support around the 106.00 region.
Preliminary figures from the Cabinet Office showed that Japan's
leading index improved unexpectedly in February, though
slightly.
The leading index, which measures the future economic activity,
rose to 105.6 in February from 105.6 in January. Meanwhile,
economists had expected the index to fall to 105.5.
The greenback pulled back to 0.9624 against the Swiss franc,
from a 2-1/2-month high of 0.9650 hit 8:15 am ET. The next possible
support for the greenback is seen around the 0.95 level.
The greenback eased back to 1.2257 against the euro, from a new
5-week high of 1.2216 hit at 3:25 am ET. On the downside, 1.25 is
seen as the next support level for the greenback.
The greenback reversed from an early high of 1.3984 against the
pound, dropping to 1.4038. If the greenback falls further, 1.42 is
likely seen as its next support level.
Survey data from IHS Markit showed that Germany's construction
sector contracted for the first time in more than three years in
March due to colder-than-usual weather.
The construction Purchasing Managers' Index fell to 47.0 in
March from 52.7 in February. This was the first time since January
2015 that the score fell below the 50.0 no-change level.
The greenback weakened to 1.2735 against the loonie, its lowest
since February 27. Next key support for the greenback is seen
around the 1.26 level.
The greenback came off from its early 3-day highs of 0.7241
against the kiwi and 0.7658 against the aussie, falling back to
0.7266 and 0.7696, respectively. The greenback is likely to find
support around 0.74 against the kiwi and 0.79 against the
aussie.
Looking ahead, U.S. consumer credit for February and Canada Ivey
PMI for March are set for release shortly.
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