Dollar Rises Against Major Rivals Ahead Of U.S. Jobs Data

RTTNews | il y a 1057

(RTTNews) - The U.S. dollar gained against its major rivals on Thursday as rising concerns about inflation and aggressive monetary tightening by the Federal Reserve boosted the currency's safe-haven appeal.

Rising oil prices fueled concerns about an acceleration in inflation. Oil prices surged after the OPEC+ announced that the group would cut crude output by 2 million barrels per day from November. Recent data showing a drop in U.S. crude inventories contributed as well to the surge in oil prices.

The dollar rose sharply on Wednesday, riding on strong ISM services PMI data and ADP private sector jobs data. The currency's surge continued today amid rising speculation the central bank will continue to remain aggressive with its policy move.

Markets look ahead to U.S. jobs data, due on Friday. Economists currently expect employment to jump by 250,000 jobs in September after surging by 315,000 jobs in August, while the unemployment rate is expected to hold at 3.7%.

In economic releases today, a report from the Labor Department showed initial jobless claims climbed to 219,000 in the week ended October 1st, an increase of 29,000 from the previous week's revised level of 190,000. Economists had expected jobless claims to inch up to 200,000 from the 193,000 originally reported for the previous week.

The dollar index surged to 112.31, gaining about 1.1%. The index was last seen at 112.22, up 1.03% from the previous close.

Against the Euro, the dollar firmed to 0.9793, gaining nearly 1%.

The dollar is trading at 1.1167 against Pound Sterling, firming from 1.1327.

Against the Japanese currency, the dollar is up, fetching 145.13 yen a unit, compared with 144.69 yen on Wednesday.

The dollar is stronger against the Aussie at 0.6412, strengthening from 0.6491.

The Swiss franc has slid to 0.9908 against the dollar, from 0.9836 a dollar.

The dollar is up against the Loonie as well, firming to C$1.3746 from C$1.3621.

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