Investing.com - The dollar was mostly higher against the other
major currencies on Friday, as markets eyed the release of highly
anticipated U.S. employment data later in the day, after data on
Wednesday showed that the private sector added more jobs than
expected last month.
The dollar was steady against the euro, with EUR/USD down 0.04%
The greenback remained supported after Wednesday's ADP nonfarm
payrolls report showed that the U.S private sector added 281,000
jobs in June, outstripping expectations for an increase of 200,000.
It was the largest increase since November 2012.
In the euro zone, official data showed that retail sales were
flat in May, compared to expectations for a 0.2% rise, after a 0.2%
fall in April, whose figure was revised from a previously estimated
Separate reports showed that Spanish service sector activity
slowed unexpectedly in May, while in Italy it expanded at the
fastest rate since December 2010.
The single currency remained under pressure amid concerns that
the European Central Bank could voice concerns over the currency's
recent strength at its post-policy meeting press conference, as
fears over persistently low levels of inflation in the euro zone
The ECB was seen as unlikely to implement fresh monetary policy
measures at its meeting after cutting rates to record lows in
The pound edged lower against the dollar, with GBP/USD slipping
0.15% to 1.7140.
The Markit U.K. services purchasing managers' index slowed to
57.7 in June from 58.6 in May, and below forecasts of 58.3. It was
the lowest reading in three months, but remained well above the 50
level separating growth from contraction.
The dollar was higher against the yen, with USD/JPY adding 0.16%
to 101.94 and steady against the Swiss franc, with USD/CHF up 0.03%
The greenback was mixed against the Australian, New Zealand and
Canadian dollars, with AUD/USD down 0.74% to 0.9374, NZD/USD
slipping 0.14% to 0.8761 and USD/CAD edging down 0.13% to
The Australian dollar weakened after Reserve Bank of Australia
Governor Glenn Stevens said the currency was "overvalued" by most
In a speech delivered earlier in the day, Stevens added that
investors are under-estimating the probability of a "significant
fall" in the Australian dollar at some point.
Meanwhile, official data showed that retail sales in Australia
fell 0.5% in May, confounding expectations for a 0.3% rise, after a
0.1% slip in April, whose figure was revised down from a previously
estimated 0.2% increase.
A separate report showed that building approvals in Australia
climbed 9.9% in May, exceeding expectations for a 3% rise, after a
5.8% drop in April, whose figure was revised down from a previously
estimated 5.6% decline.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was up
0.10% to 80.05.
Later in the day, the U.S. was to publish data on the trade
balance, as well as the weekly report on initial jobless claims,
government data on nonfarm payrolls and the unemployment rate, one
day ahead of schedule, before the fourth of July holiday.
In addition, the Institute of Supply Management was to publish a
report service sector activity.
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