U.S. Dollar Weakens As Investors Await Jobs Report

RTTNews | 632 days ago
U.S. Dollar Weakens As Investors Await Jobs Report

(RTTNews) - The U.S. dollar lost ground against its major counterparts in the European session on Thursday, as investors brace for the U.S. jobs report due Friday for important clues on the Fed's rate trajectory.

Economists currently expect U.S. employment to increase by 185,000 jobs in November after an increase of 150,000 jobs in October. The jobless rate is expected to hold at 3.9 percent.

As inflation concerns ease, investors are pinning hopes that the Federal Reserve will cut interest rates as early as the first quarter next year.

On Wednesday, data from ADP showed a gradual cooling in the labor market.

U.S. private payrolls rose by 103,000 jobs last month, below expectations of 130,000 jobs. Data for October was revised lower to show an increase of 106,000 jobs.

The greenback dropped to 0.8729 against the franc, 1.2592 against the pound and 1.0784 against the euro, reversing from an early 2-day high of 0.8762, near 2-week high of 1.2544 and more than a 3-week high of 1.0755, respectively. The next possible support for the greenback is seen around 0.855 against the franc, 1.31 against the pound and 1.10 against the euro.

The greenback fell to 1.3583 against the loonie, 0.6153 against the kiwi and 0.6572 against the aussie, from an early 1-week high of 1.3607, 9-day high of 0.6113 and a fresh 2-week high of 0.6525, respectively. The greenback is seen finding support around 1.33 against the loonie, 0.63 against the kiwi and 0.68 against the aussie.

The greenback touched 144.54 against the yen, its lowest level since September 1. The greenback is poised to challenge support around the 139.00 level.

Looking ahead, U.S. weekly jobless claims for the week ended December 2 and wholesale inventories for October, as well as Canada building permits for the same month will be released in the New York session.

read more
Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the European session on Friday, weighed down to a large extent by the weakness in the financial sector, amid reports of likely imposition of windfall tax on banks.
RTTNews | 1 day ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 1 day ago
Antipodean Currencies Rise As Traders Await U.S. PCE Inflation Data

Antipodean Currencies Rise As Traders Await U.S. PCE Inflation Data

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday, as traders await the July Personal Consumption Expenditures (PCE) price index due later in the day.
RTTNews | 1 day ago
U.S. Dollar Falls Amid Fed Rate Cut Speculation

U.S. Dollar Falls Amid Fed Rate Cut Speculation

The U.S. dollar weakened against other major currencies in the Asian session on Thursday, after the Fed official left the door open for an interest rate cut next month.
RTTNews | 2 days ago