Dollar Rises Against Major Rivals After Strong Economic Data
(RTTNews) - The U.S. dollar gained against its major rivals on Friday on bets the Federal Reserve may not cut interest rates anytime soon after data showed a stronger than expected increase in non-farm payroll employment.
Oil prices rose sharply on Friday after Saudi Arabia and Russia urged all the members of the OPEC+ group to join an output cut agreement.
A report released by the University of Michigan showed a significantly bigger than expected improvement in U.S. consumer sentiment in the month of December.
The University of Michigan said its consumer sentiment index surged to 69.4 in December from 61.3 in November. Economists had expected the index to inch up to 62.0.
The dollar index climbed to 104.26 after the release of the jobs data, and despite easing to 103.98 later on, remained well above the flat line, gaining 0.43%.
Against the Euro, the dollar firmed to 1.0765 from 1.0896. Against Pound Sterling, it strengthened to 1.2546.
The dollar was up against the Japanese currency, fetching 144.96 yen a unit, as against Thursday's close of 144.13 yen.
Against the Aussie, the dollar strengthened to 0.6578, and against Swiss franc, it climbed higher, fetching CHF 0.8802 a unit, nearly 0.6% more than the previous close. The dollar was slightly down against the Loonie at C$ 1.3587, as oil prices rose sharply.
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