U.S. Dollar Climbs After Upbeat Jobs Data
January 05 2024 - 5:07AM
RTTF2
The U.S. dollar strengthened against its major counterparts in
the New York session on Friday, as non-farm payrolls data came in
stronger than expected in December.
Data from the Labor Department showed that non-farm payroll
employment surged by 216,000 jobs in December after climbing by a
downwardly revised 173,000 jobs in November.
Economists had expected employment to increase by 170,000 jobs
compared to the addition of 199,000 jobs originally reported for
the previous month.
Meanwhile, the report said the unemployment rate came in at 3.7
percent in December, unchanged from November. Economists had
expected the unemployment rate to inch up to 3.8 percent.
Strong jobs data added to recent fears that the Federal Reserve
is not likely to begin lowering interest rates as soon as
previously anticipated.
Treasury yields jumped, with the yield on the benchmark ten-year
note climbing above 4.0 percent.
The greenback advanced to a 10-day high of 0.8576 against the
franc and a 3-day high of 1.2611 against the pound, from
yesterday's close of 0.8502 and 1.2681, respectively. The greenback
may find resistance around 0.90 against the franc and 1.24 against
the pound.
The greenback moved up to a fresh 3-week high of 1.0876 against
the euro and more than a 3-week high of 145.97 against the yen,
from Thursday's close of 1.0944 and 144.62, respectively. The
greenback is poised to find resistance around 1.06 against the euro
and 148.00 against the yen.
The greenback firmed to a 3-week high of 0.6181 against the
kiwi, more than 2-week high of 1.3399 against the loonie and more
than a 3-week high of 0.6640 against the aussie, from its previous
close of 0.6234, 1.3350 and 0.6706, respectively. The next possible
resistance for the currency is seen around 0.60 against the kiwi,
1.37 against the loonie and 0.64 against the aussie.
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