Dollar rises against major currencies after US employment data
2018-03-09 06:21 pm | Resource: NEWS | No Views : 307
The US dollar traded higher against most of its major rivals in the European session on Friday, following data showing a rapid growth in jobs in the US in February.
Data from the Labor Department showed that non-farm employment rose by 313,000 jobs in February after jumping 239,000 jobs in January, and economists expected employment to rise by 200,000 jobs.
Despite stronger-than-expected job growth, the unemployment rate was 4.1 percent in February. The unemployment rate was expected to fall to 4.0 per cent.
The currency was also based on easing geopolitical concerns amid news that President Donald Trump agreed to hold with North Korean President Kim Jong-un.
In an article on Twitter, Trump said: "Kim Jong-un talked about nuclear disarmament with South Korean representatives, not just a freeze, and North Korea did not test a missile during this period of time." Will remain until an agreement is reached. "
The Dollar was trading against the major currencies on Friday. While rising against the franc and the yen, stabilized against the pound and the euro.
The dollar rebounded to 0.9526 against the Swiss franc, from a low of 0.9495 at 4:30 am ET, and the next potential resistance appears to be around 0.97.
After a brief pause, the dollar rose to 107.05 against the yen, its strongest level since March 1. The Dollar is expected to find resistance around the 109.00 level, and the Bank of Japan kept its monetary stimulus unchanged, as was widely expected.
The dollar rose to a 4-day high of 1.2273 against the euro, compared to the 1.2311 recorded in late New York on Thursday. On the upside, 1.20 is seen as the next resistance level for the USD.
German industrial production fell 0.1% month-on-month in January, dampening expectations of a 0.7% increase. However, the pace of decline was slower than the 0.5 percent decline in December.
On the other hand, the dollar fell to 1.3859 against the pound, after advancing to 1.3788 at 8:30 pm Eastern Time. And the dollar is about to find support around the 1.43 level.
Data from the National Statistics Office showed that the UK trade deficit rose in January, as import growth outpaced export growth.
The dollar slipped from an early high of 0.7776 against the Australian dollar, dropping to 0.7822. Against the New Zealand dollar, and the next support levels are likely to be seen around 0.79 against the Australian dollar and 0.74 against the New Zealand dollar.
The dollar fell to a weekly low of 1.2822 against the Canadian dollar, reversing its early high at 1.2909. We are likely to see the next major support for the dollar around the 1.26 area.
Time frame Used - four hours The USD/JPY is moving in a bearish direction in the near term. The USD/JPY was able to take control of the USD/JPY movement after the US Federal Reserve's decision to fix the US interest rate as the USD/JPY broke down at 111.12 to hit at 110.57. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators…
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