Dollar Sinking As Weak Jobs Data Pares Rate Hike Expectations
02 Outubro 2015 - 06:58AM
RTTF2
The U.S. dollar drifted lower on Friday, as the economy created
much fewer jobs than expected in September, casting uncertainty
about the Federal Reserve's rate hike this year.
Data from the Labor Department showed that the number of people
employed rose by 142,000 in September following a downwardly
revised increase of 136,000 jobs in August.
Economists had expected employment to climb by 203,000 jobs
compared to the addition of 173,000 jobs originally reported for
the previous month.
Meanwhile, the unemployment rate held at a seven-year low of 5.1
percent in September, matching economist estimates.
The weak job growth, coupled with slowing economic growth across
the globe, made investors push back their expectations for a Fed
hike this year.
The currency moved down on Thursday, as jobless claims
more-than-expected in the week ended September 26th and ISM
manufacturing index fell to a two-year low in September.
The currency that trended higher during the day turned negative
immediately following the jobs data.
In early New York deals, the greenback hit more than a 3-week
low of 118.95 against the Japanese yen, a 1.2 percent decline from
its early 4-day high 120.41. The pair was valued at 119.91 when it
closed Thursday's trading. The next possible support for the
greenback may be found around the 118.00 region.
Data from the Ministry of Internal Affairs and Communications
showed that Japan's unemployment rate in came in at a seasonally
adjusted 3.4 percent in August.
That was above forecasts for 3.3 percent, which would have been
unchanged from the July reading.
Extending early fall, the greenback hit a 4-day low of 1.5237
versus the pound, off its prior high of 1.5127. At yesterday's
close, the pair was quoted at 1.5130. Continuation of the
greenback's downtrend may take it to a support around the 1.53
mark.
British construction activity growth improved sharply in
September as output grew at the fastest pace in seven months, led
by residential building, prompting firms to add jobs the strongest
pace in three months, survey results from Markit Economics and the
Chartered Institute of Procurement & Supply showed.
The headline seasonally adjusted Marikt/CIPS UK Construction
Purchasing Managers' Index climbed to 59.9 from 57.3 in August.
Economists had expected only a modest improvement with an increase
to 57.5.
The greenback declined to 11-day lows of 1.1316 versus the euro
and 0.9655 against the franc, reversing from its early high of
1.1150 and a 4-day high 0.9795, respectively. The greenback ended
Thursday's trading at 1.1193 against the euro and 0.9769 against
the franc. If the greenback extends slide, 1.14 and 0.95 are seen
as its next possible support levels against the euro and the franc,
respectively.
The greenback declined to an 11-day low of 1.3185 against the
loonie, while touching 0.6455 against the kiwi, its lowest since
September 18. This may be compared to early highs of greenback to
1.3268 against the loonie and 0.6384 against the kiwi. The
greenback is seen finding support around 1.30 against the loonie
and 0.655 against the kiwi.
U.S. factory orders data for August is slated for release
shortly.
At 1:30 pm ET, Federal Reserve Bank of Boston President Eric
Rosengren will give welcome and opening remarks before the "Macro
Prudential Monetary Policy" conference hosted by the Federal
Reserve Bank of Boston. Additionally, Federal Reserve Governor
Stanley Fischer is expected to speak at the conference.
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