On Friday, the major US currency was still steady, and the British pound dived a bit…
Greenback dives as American jobs report tames rate hike bets
On Monday, the evergreen buck dived versus a currency basket right after the fresh American jobs report disclosed that while jobs surge remained firm, spurring risk appetite, wage surge speeded down, thus taming hopes for a faster tempo of rate lifts in 2018.
The US dollar index, gauging the American currency’s strength versus a group of six major rivals, hit 89.94, heading south 0.18% for the day.
On Friday, the Labor Department reported that the American economy generated 313,000 jobs in February, although average hourly earnings tacked on by 0.1% last month.
The firm jobs surge spurred global risk appetite, and the slowdown in wage surge dampened hopes for four rate lifts by the Fed in 2018, which is negative for the evergreen buck that tends to be more attractive to yield-seeking market participants when borrowing costs go up.
The common currency inched up, with EUR/USD soaring 0.18% being worth 1.2329.
Leaps in the common currency were held in check right after European Central Bank Governor Mario Draghi dared to downplay a move to cease the easing bias from the previous week’s rate statement and also issued a warning that growing protectionism threatened the outlook for surge in the euro zone.
The British pound also gained ground versus the US currency, with USD/GBP adding 0.17% being worth 1.3877.
Versus the Japanese yen, the evergreen buck declined, with USD/JPY sliding 0.24% hitting 106.54.
Demand for Japan’s currency was spurred amid worried over a soaring cronyism scandal closely connected with the Japanese prime minister as well as his wife involving the sale of public land.
The safe haven yen is prone to going up in times of market instability.
Additionally, the risk sensitive Australian as well as New Zealand dollars grew too, with AUD/USD soaring 0.19% reaching 0.7862 and NZD/USD rallying 0.43% being worth 0.7310.
On Friday, the Japanese yen drifted away from a two-week maximum versus the evergreen buck after North Korea told that it was still open for negotiations with the United States…
On Wednesday, the euro and British pound approached their five month-lows after the disappointing economic reports…
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
On Monday, gold headed south in European trade, making its way toward a three-week minimum after American congressional leaders came to an agreement to fund the government via the fall, thus easing worries as for a shutdown of the federal government…
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…