Dollar Higher As U.S. Job Growth Beats Forecasts
April 02 2021 - 5:35AM
RTTF2
The U.S. dollar appreciated against its major counterparts in
the European session on Friday, as U.S. employment grew much more
than expected in March led by stimulus and vaccine progress, in a
sign of recovery in the economy.
Data from the Labor Department showed that non-farm payroll
employment surged up by 916,000 jobs in March after climbing by an
upwardly revised 468,000 jobs in February.
Economists had expected employment to jump by 647,000 jobs
compared to the addition of 379,000 jobs originally reported for
the previous month.
The unemployment rate fell to 6.0 percent in March from 6.2
percent in February. The drop matched expectations.
U.S. treasury yields pulled back, with the 10-year yield falling
to 1.67 percent.
Investors digested President Joe Biden's $2.25 trillion spending
plan, which includes infrastructure spending, green initiatives and
other efforts to boost the economy.
Trading volumes were thin as many traders were away from their
desks on account of the Good Friday holiday.
The greenback held steady against its major rivals in the Asian
session, except the pound.
The greenback rebounded to 110.74 against the yen, from a 2-day
low of 110.37 touched at 4:45 am ET. The pair had closed Thursday's
deals at 110.59. The greenback is poised to find resistance around
the 112.00 level.
The greenback rose to 0.9430 against the franc from yesterday's
close of 0.9416. The greenback is likely to challenge resistance
around the 0.96 level.
The greenback edged higher to 1.1749 against the euro, after
falling to a 4-day low of 1.1787 at 4:45 am ET. The pair was worth
1.1776 when it closed deals on Thursday. Next key resistance for
the greenback is seen around the 1.15 region.
The greenback was trading at 1.3821 against the pound, up from a
10-day low of 1.3852 set in the Asian session. The pound-greenback
pair had ended yesterday's trading session at 1.3830. The greenback
may test resistance around the 1.34 level.
The greenback, having fallen to a 10-day low of 1.2528 against
the loonie at 11:15 pm ET, reversed direction and ticked higher to
1.2574. The greenback was trading at 1.2545 against the loonie at
yesterday's close. If the greenback rises further, it may find
resistance around the 1.29 level.
Having dropped to a 2-day low of 0.7637 at 11:00 pm ET, the
greenback turned higher against the aussie, with the pair trading
at 0.7600. The greenback was worth 0.7616 per aussie at Thursday's
New York session close. Continuation of the greenback's uptrend may
see it challenging resistance around the 0.73 level.
The greenback reversed from an early 10-day low of 0.7047
against the kiwi, with the pair worth 0.7016. At Thursday's close,
the pair was valued at 0.7012. Further uptrend of the greenback is
likely to take it to a resistance around the 0.68 area.
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