Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dollar Inches Up, Even as Investors Digest Disappointing U.S. Labor Data

Forex Feb 18, 2021 09:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – The dollar was up on Friday morning in Asia, clawing back some losses. The U.S. currency saw its biggest losses in ten days after disappointing U.S. labor data finally dented recent optimism for the country’s quick economic recovery from COVID-19.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.09% to 90.632 by 9:16 PM ET (2:16 AM GMT). The index was little changed as Friday’s session opened, after it dropped 0.4% overnight.

The USD/JPY pair inched up 0.06% to 105.72. The dollar was little changed against the safe-haven yen after two consecutive days of retreat from a five-month high hit on Wednesday.

The AUD/USD pair inched down to 0.06% to 0.7762 and the NZD/USD pair edged down 0.19% to 0.7206.

The USD/CNY pair was down 0.27% to 6.4691.

The GBP/USD pair edged down 0.12% to 1.3954. The pound was mostly flat after climbing to an almost three-year high during the previous session, the highest gains in more than a month, as the U.K. continues to roll out an ambitious COVID-19 vaccination program.

Elsewhere in Europe, the euro was also flat after gaining 0.4% overnight.

The greenback is slowly returning to its safe-haven asset role, but sentiment was soured by the unexpected rise in the number of U.S. jobless claims. A total of 861,000 claims were filed during the previous week, against the 765,000 claims in forecasts prepared by Investing.com and the 848,000 claims filed during the previous week.

The disappointing data is impacting the dollar, however, even as progress is made on a $1.9 trillion stimulus package proposed by President Joe Biden and other economic indicators are more positive.

“The prospect of a massive U.S. fiscal stimulus plus a successful vaccine roll-out are solid arguments to bet on a U.S. recovery this year … but the overnight jobless claims data serve as a reminder of the unevenness of the recovery so far,” National Australia Bank (OTC:NABZY) senior foreign exchange strategist Rodrigo Catril said in a note.

Cryptocurrencies took a little breather, with bitcoin near the $51,500 mark after reaching a record $52,604 in a rally driven by endorsements from Tesla Inc. (NASDAQ:TSLA) among others. It has risen around 71% in 2021 to date, after it more than quadrupled in 2020.

Ethereum took advantage of its larger rival’s breather, climbing to a record high of $1,951.89 on Friday, soaring around 162% in 2021. It was also boosted after chipmaker NVIDIA Corp. (NASDAQ:NVDA) announced a new processor designed specifically for mining the cryptocurrency.

Dollar Inches Up, Even as Investors Digest Disappointing U.S. Labor Data
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email