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Forex - U.S. Dollar Rises on Positive Jobs Report

Forex Sep 07, 2018 10:55AM ET
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© Reuters. The U.S. dollar was a touch higher on Friday.

Investing.com - The U.S. dollar was higher against other currencies on Friday, as better-than-expected jobs data increased the chances that the Federal Reserve will increase interest rates later this month.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.17% to 95.15 as of 10:54 AM ET (14:54 GMT).

The U.S. economy added 201,000 in August, while wage inflation rose to 2.9%. The positive data locks in expectations that the Fed will raise rates at its next meeting Sept. 25-26.

Meanwhile, trade tensions lingered, as U.S. President Donald Trump could put tariffs on another $200 billion worth of Chinese goods that could go into effect as soon as Friday. China said it would retaliate if new tariffs were imposed.

At the same time, trade negotiations to revamp the North American Free Trade Agreement (NAFTA) with Canada continued, with a deal by the end of September possible, Reuters reported. The loonie was flat against the dollar, with USD/CAD falling 0.01% to 1.3141 amid data showing Canada’s unemployment rate was higher than expected in August.

The dollar rose against the safe-haven yen, with USD/JPY increasing 0.36% to 111.14 amid reports that Trump could look at trade with Japan next. The president has previously expressed concern about the U.S. trade deficit with Japan.

EUR/USD fell 0.30% to 1.1586 and GBP/USD increased 0.33% to 1.2972.

Meanwhile, the Australian dollar was lower, with AUD/USD dipping 0.72% to 0.7146, while NZD/USD was down 0.41% to 0.6560.

Forex - U.S. Dollar Rises on Positive Jobs Report
 

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Dimitri Sthole
Dimitri Sthole Sep 09, 2018 2:24PM ET
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us will stay on top for next two weeks
 
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