The U.S Dollar weakened against major currencies on Friday after the Department of Labor reported that the economy picked up more jobs than expected in April and upwardly revised previous month’s figures.The U.S Department of Labor said the economy added 165,000 jobs in April, above expectations for an increase of 145,000, while job increases for the previous month were revised up to 138,000. The U.S
unemployment rate unexpectedly fell to a four month low of 7.5% from 7.6% in March. The Greenback trimmed gains after a report by the Institute of Supply Management showed that the U.S service sector expanded at the slowest pace in nine months in April. The ISM non-manufacturing purchasing managers’ index fell to 53.1 from 54.4 in March, below expectations for a reading of 54.0. A separate report showed that U.S factory orders fell 4.0% in March, more than expectations for a 2.6% decline. On Wednesday, the Federal Reserve recommitted to its $85 billion a month asset purchase program and indicated that it could increase or decrease the monthly amount, depending on the outlook for inflation and employment. The Dollar
Index, which tracks the performance of the U.S Dollar versus a basket of six other major currencies, was down 0.14% at 82.17.
Euro
The Single Currency ended the day higher against the U.S Dollar on Friday as better than forecast U.S
employment data for April bolstered investor demand for higher yielding assets. Euro trimmed gains after a
report by the Institute of Supply Management showed that the U.S service sector expanded at the slowest
pace in nine months in April. Overall, the EUR/USD traded with a low of 1.3032 and a high of 1.3158 before closing the day around 1.3116 in the New York session.
Yen
The Japanese Yen was lower against the U.S Dollar on Friday after the release of U.S data on Nonfarm
Payrolls. Traders bid the U.S Dollar up against the Japanese Yen due to some positive economic news outof the world’s largest economy. Overall, the USD/JPY traded with a low of 97.88 and a high of 99.25 before
closing the day around 99.02 in the U.S session.
British Pound
The British Pound was higher against the U.S Dollar on Friday after the release of U.K data on Services PMI.Earlier official data showed that Service sector activity in the U.K rose unexpectedly to a seasonally adjusted annual rate of 52.9 last month from 52.4 in the preceding month. Overall, the GBP/USD traded with a low of 1.5480 and a high of 1.5600 before closing the
day at 1.5565 in the New York session.
Canadian Dollar
The Canadian Dollar ended higher against the U.S counterpart on Friday after stronger than forecast U.S
nonfarm payrolls data for April bolstered risk appetite.Loonie shrugged off a report by the Institute of Supply
Management showing that the U.S service sector expanded at the slowest pace in nine months in April.
Overall, USD/CAD traded with a low of 1.0074 and a high of 1.0130 before closing the day at 1.0075 in the New York session.
Australian Dollar
The Australian Dollar ended Friday’s session sharply higher against its U.S counterpart, as market sentiment
improved after official data showed that the U.Seconomy added more jobs than expected in April. This
week investors will be anticipating an interest rate decision by the Reserve Bank of Australia, as well as the
release of Australian retail sales and employment data. Overall, AUD/USD traded with a low of 1.0241 and a high of 1.0321 before closing the day at 1.0318 in the
New York session.
Try The MArket With City Credit Capital and Feel The Difference
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
No comments:
Post a Comment