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Slowing U.S. Job Growth Drags Dollar Down

07.12.2018 10:53 (UTC +0)

The U.S. dollar was defensive against its key counterparts in the European session on Friday, as a data showed that U.S. job growth accelerated much less than forecast in November, casting uncertainty over the pace of rate increases for next year.

Data from the Labor Department showed that U.S. economy added fewer than expected jobs in the month of November.

The report said non-farm payroll employment rose by 155,000 jobs in November after surging by a downwardly revised 237,000 jobs in October.

Economists had expected employment to climb by about 200,000 jobs compared to the jump of 250,000 jobs originally reported for the previous month.

The Wall Street Journal reported on Thursday that the Fed is mulling a "wait-and-see" approach to monetary policy following the widely anticipated rate hike in December.

With inflation softening in recent months and oil prices falling further, the Fed is likely to adopt a patient approach to raise prices to prevent the economy from overheating, it said.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the franc and the euro, it rose against the yen and the pound.

The greenback lost 0.5 percent to a 3-day low of 1.1415 against the euro, following an advance to 1.1360 at 2:00 am ET. At yesterday's close, the pair was worth 1.1376. Next key support for the greenback is likely seen around the 1.16 area.

Preliminary figures from the Federal Statistical Office showed that Germany's industrial production decreased for the first time in three months in October, defying expectations for a modest increase, amid a decline in consumer goods output.

Industrial production dropped 0.5 percent from September, when they grew 0.1 percent, revised from 0.2 percent. Economists had forecast a 0.3 percent increase.

After rising to 0.9943 against the franc at 5:45 am ET, the greenback pulled back to 0.9905 following the data. The pair was valued at 0.9925 when it ended deals on Thursday. Continuation of the greenback's downtrend may take it to a support around the 0.98 level.

The greenback was 0.3 percent lower against the Japanese yen, falling to 112.62. This follows a high of 112.93 touched at 12:45 am ET. The greenback-yen pair finished yesterday's trading at 112.66. The greenback is likely to target support around the 110.00 level, if it falls again.

Data from the Ministry of Internal Affairs and Communications showed that Japan household spending fell 0.3 percent on year in October, coming in at 290,396 yen.

That missed expectations for an increase of 1.1 percent following the 1.6 percent decline in September.

The greenback gave up its early gains against the pound with the pair trading at 1.2766. The pair ended Thursday's deals at 1.2780. The greenback is seen finding support around the 1.32 region.

Survey data from the Bank of England showed that UK inflation expectations for the coming year rose to their highest level in five years.

Median expectations of the rate of inflation over the coming year were 3.2 percent, compared to 3.0 percent in August.

The U.S. currency depreciated to a 2-day low of 1.3286 against the loonie, after having advanced to 1.3401 at 8:00 am ET. The pair was quoted at 1.3381 at yesterday's close. Further downtrend for the greenback is likely to see it testing support around the 1.32 region.

The greenback slipped to 0.6898 against the kiwi, losing 0.5 percent from a high of 0.6861 seen at 7:55 am ET. On the downside, 0.70 is possibly seen as the next support level for the U.S. currency.

The greenback reversed from an early high of 0.7204 against the aussie, easing back to 0.7234. The next likely support for the greenback is seen around the 0.74 level.

The latest survey from the Australian Industry Group showed that Australia's construction sector continued to contract in November, with a Performance of Construction Index score of 44.5.

That's down from 46.4, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The University of Michigan's preliminary consumer sentiment index for December, U.S. wholesale inventories and consumer credit for October are scheduled for release shortly.

At 12:00 pm ET, Federal Reserve Governor Lael Brainard will speak about financial stability at the Peterson Institute in Washington DC.



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