Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Last Call for Cyber Monday! Save Now on Claim 60% OFF
Forex - Dollar Subdued as Loonie Leaps
Published Dec 07, 2018 01:49PM ET
© Reuters.
Investing.com - The U.S. dollar was subdued against its rivals Friday as the downbeat jobs report did little to dent expectations the Federal Reserve may rein in rate hikes.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.15% to 96.62.
Nonfarm payrolls grew by 155,000 for the November, down from 237,000 in October. That missed economists' forecast of 200,000.
The jobless rate was unchanged at 3.7%, while average hourly earnings grew 0.2%, lower than expectations for 0.3% increase.
Analysts, however, continued to tout a healthy backdrop for the labor market, blaming the weaker jobs report on the recent Hurricanes, which hurt labor demand in the housing sector.
"Overall, we see little evidence that labor demand is weakening," Pantheon Macroeconomics said in a note to clients. "We think (labor) activity has been hit by the hurricanes and will rebound in the next couple of months."
Still, the greenback struggled to advance as expectations the Fed may pause on rate hikes continued to weigh. The Wall Street Journal reported Fed officials are considering whether to signal a wait-and-see attitude after a likely rate increase at their meeting in December.
EUR/USD rose 0.25% to $1.1405, while GBP/USD fell 0.42% to $1.2732.
USD/JPY rose 0.04% as safe-haven demand supported a bid in the yen, keeping a lid on gains in the pair.
USD/CAD fell 0.61% to C$1.3302 as strong jobs data from Canada drew a bid in the loonie, though gains could be limited by dwindling expectations for a Bank of Canada rate hike.
Cuts in the Canada's energy sector outlook and slowing economic data into fourth quarter "have left a January Bank of Canada hike untenable" TD Securities said. "We look for hikes in March and July 2019, and we're pushing our final hike out to January 2020."
-- Reuters contributed to this report.
Related Articles
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
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.