full screen background image
Monday 11 December 2017
  • :
  • :

Forex – Dollar Holds Onto Gains, U.S. Jobs Data Supports

Forex4 hours ago (Dec 06, 2017 10:50AM ET)

© Reuters. Dollar remains broadly higher after upbeat ADP report

Investing.com – The dollar remained higher against other major counterparts on Wednesday, helped by the release of upbeat U.S. employment data.

The greenback strengthened after data showed that the U.S. private sector added 190,000 jobs in November.

The dollar was already supported since the U.S. Senate passed a tax overhaul package over the weekend amid expectations that tax cuts for corporations will stimulate the U.S. economy.

Some investors also believe the boost to the economy will prompt the Federal Reserve to raise interest rates at a faster pace.

Republicans are aiming to send a final tax bill to the White House before Christmas, with the House and Senate working to reconcile separate versions of the plan.

However, investors grew a little more cautious due to the possibility of a U.S. government shutdown if lawmakers fail to reach a budget agreement this week. Government funding is set to expire Friday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.29% at 93.54 by 10:50 a.m. ET (14:50 GMT).

EUR/USD slipped 0.28% to 1.1792, while GBP/USD declined 0.47% to trade at 1.3380 amid ongoing Brexit concerns after the UK and the European Union failed to reach an agreement to move to the next stage of negotiations.

Elsewhere, the yen remained higher, with USD/JPY down 0.31% at 112.25, while USD/CHF rose 0.24% to 0.9897.

The Australian dollar was weaker, with AUD/USD down 0.54% at 0.7567, while NZD/USD held steady at 0.6876.

Meanwhile, USD/CAD advanced 0.58% to 1.2761 after the Bank of Canada held interest rates steady at 1.0%, as expected.

Forex – Dollar Holds Onto Gains, U.S. Jobs Data Supports

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.