Dollar Continues To Stay Firm Against Major Currencies

Trading 08 fév 2020 Commentaire »

The U.S. dollar exhibited strength on Friday and scored strong gains against most major currencies, thanks to upbeat monthly jobs data.

Traders continued to weigh the economic impact of the coronavirus outbreak.

The dollar index rose to 98.71, gaining about 0.21%.

Data released by the Labor Department today showed that employment jumped by 225,000 jobs in January following a revised increase of 147,000 in December.

Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

The unemployment rate inched up 3.6% in January from 3.5% in December, against expectations for an unchanged rate.

Against the Euro, the dollar strengthened to $1.0945, gaining about 0.35%, from $1.0983.

Against Pound Sterling, the dollar was up more than 0.3% at $1.2884, strengthening from $1.2928.

The Japanese Yen fared well against the greenback, gaining more than 0.2%, at 109.76 a dollar.

The Aussie was notably weaker against the dollar with the AUD-USD pair at 0.6675, more than 0.8% down from previous close.

Against Swiss franc, the dollar was gaining nearly 0.3% at 0.9776.

The dollar was up against the loonie at 1.3306. Data released by Statistics Canada showed full-time employment in Canada increased by 35,700 jobs in January 2020, nearly two times the expected rise. In December, the economy had added 33,900 jobs. Part-time employment in the country was down by 1,200 in January, after a drop of 6,500 jobs a month earlier.

The unemployment rate in Canada fell to 5.5% in January 2020, from 5.6% in the previous month, and below market expectations of 5.6%.


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Oil Futures Settle Notably Lower

Trading 08 fév 2020 Commentaire »

Crude oil futures closed lower on Friday as worries about the spread of coronavirus, and its impact on the global economy and energy demand weighed on oil prices.

Traders ignored buoyant monthly jobs data but appeared to be waiting for OPEC's decision on oil production cuts.

OPEC's joint technical committee on Thursday had recommended a cut of 600,000 barrels a day, but Russia has stated that it would need more time to analyze the market and that it would clarify its position on deeper cuts next week.

West Texas Intermediate crude oil futures for March ended down $0.63, or about 1.2%, at $50.32 a barrel.

WTI crude futures shed about 2.4% in the week. With this, oil futures have suffered losses for five straight weeks.

data released by the Labor Department showed employment in the U.S. jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December. Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate inched up to 3.6% in January from 3.5% in December, the data showed. Economists had expected the employment rate to remain unchanged.

According to a report from Baker Hughes, U.S. companies added 1 oil rig in the week to February 7, taking the total count to 676. In the same week last year, oil rig count stood at 854.


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Gold Futures Settle Modestly Higher On Safe-haven Appeal

Trading 08 fév 2020 Commentaire »

Gold prices edged higher on Friday after risk appetite waned a bit and investors sought the safe-haven asset following a surge in the death toll and the number of infections from the coronavirus outbreak.

Meanwhile, the dollar extended its move up north, rising to 98.71. The dollar index was last seen at 98.68, up nearly 0.2% from previous close.

Gold futures for April ended up $3.40, or about 0.2%, at $1,573.40 an ounce.

On Thursday, gold futures for April settled higher by $7.20, or 0.5%, at $1,570.00 an ounce.

Gold futures shed about 0.9% in the week.

Silver futures for March ended down $0.126 at $17.692 an ounce, while Copper futures for March settled at $2.5530 per pound, down $0.0400 from previous close.

According to reports, the death toll from the deadly coronavirus rose to nearly 650, including Dr Li Wenliang, who had been threatened by police for warning about the virus early last month.

According to Chinese state media, President Xi Jinping told U.S. President Donald Trump on the phone today that Beijing has "spared no effort in fighting the epidemic" and that "the long-term trend of China's economic development for the better will not change".

Meanwhile, China's central bank vowed further support for the world's second-biggest economy after analysts said the outbreak will knock 2 percentage points, or more, off its first-quarter growth, from 6%.

In economic news, data released by the Labor Department showed employment in the U.S. jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December. Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate inched up to 3.6% in January from 3.5% in December, the data showed. Economists had expected the employment rate to remain unchanged.


The material has been provided by InstaForex Company - www.instaforex.com