Dollar Extends Weakness

Trading 07 Nov 2020 Donner votre avis

The U.S. dollar exhibited weakness on Friday, extending recent slide, amid continued uncertainty about the outcome of the U.S. presidential election.

While Democratic challenger Joe Biden closed in on President Donald Trump in the battleground states of Georgia and Pennsylvania and expanded his lead in Nevada. Meanwhile, the Trump team is reportedly pressing legal challenges in several states.

In economic news, data from the Labor Department showed U.S. non-farm payroll employment jumped by 638,000 jobs in October after surging up by a revised 672,000 jons in September. Economists had expected employment to increase by 600,000 jobs in the month.

The data also showed the unemployment rate in the U.S. dropped to 6.9% in October from 7.9% a month earlier.

The dollar index slipped to 92.18, and despite recovering to 92.33, was still down in negative territory, trailing its previous close by about 0.22%.

Against the Euro, the dollar weakened to $1.1879, giving up more than 0.4%.

The Pound Sterling was flat, fetching $1.3147 a unit, after moving between $1.3094 and $1.3177. UK house prices increased by 7.5% on yearly basis in three months to October, the fastest pace since mid-2106, data released by the Lloyds Bank subsidiary Halifax and IHS Markit showed.

The Yen was stronger at 103.32 a dollar, firming up from 103.51 a dollar Thursday evening. Data from the Ministry of Internal Affairs and Communications showed that Japan household spending fell 10.2 percent on year in September - coming in at 269,863 yen.

That beat forecasts for a decline of 10.7 percent following the 6.9 percent drop in August.

The Aussie was weaker, with the AUD-USD pair at 0.7258, easing by about 0.34%.

The Swiss franc was up at CHF 0.9004, firming up from CHF 0.9047.

The Loonie was weaker at 1.3060, falling from 1.3045 a dollar, its level a day earlier. Data released by Statistics Canada this morning showed that the Canadian economy created 83600 jobs in October 2020, below market forecasts of a 100 thousand rise and after a 378,200 increase in September. Full-time employment increased by 69100 jobs while part-time jobs were up by 14500.

Unemployment rate in Canada came in at 8.9% for October, down from 9% a month earlier, the data showed.


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

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