Dollar mostly higher vs. rivals, U.S. jobs data in focus

By
A A A

Investing.com -

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% to 1.3653.

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 0.4% increase.

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 continued.

The ECB was seen as unlikely to implement fresh monetary policy measures at its meeting after cutting rates to record lows in June.

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% to 0.8892.

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 1.0650.

The Australian dollar weakened after Reserve Bank of Australia Governor Glenn Stevens said the currency was "overvalued" by most measures.

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.

Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

Referenced Stocks:

Investing.com

Investing.com

More from Investing.com:

Related Videos

Stocks

Referenced

Most Active by Volume

64,159,633
  • $100.86 ▼ 0.76%
63,552,623
  • $16.71 ▼ 0.18%
60,140,251
  • $42.71 ▲ 0.38%
52,385,870
  • $17.51 ▲ 5.86%
50,329,585
  • $13.75 ▲ 29.84%
43,337,551
  • $16.16 ▼ 1.40%
40,126,911
  • $3.605 ▲ 0.56%
39,836,742
  • $3.81 ▼ 2.56%
As of 9/16/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com