The U.S. dollar rose against major world currencies in trading on Friday amid data showing the strength of the U.S. labor market, which may encourage the Federal Reserve (Fed) to keep raising rates.
The euro/dollar pair was trading at $1.0513 at 7:54 a.m. KSC on Friday, up from $1.0523 at the close of the previous session.
The value of the U.S. currency pair with the yen rose to 134.29 yen from 133.40 yen in previous trading.
The pound to dollar exchange rate fell to $1.1903 against $1.1911 the day before.
The ICE index showing the dollar’s movement against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and the Swedish krona) rose 0.23% in trading, while the broader WSJ Dollar Index gained 0.11%.
A report from the industry organization ADP on Thursday showed an acceleration in U.S. private-sector job growth. They increased by 235,000 in December, ADP said. Analysts on average had forecast an increase of 150,000 jobs, according to Trading Economics. In November, the figure rose by 127,000.
Investors are now waiting for official data on the U.S. labor market for December, which will be released Friday at 3:30 p.m. Ksk. Experts polled by Trading Economics on average expect the number of jobs in the U.S. to rise by 200K last month and the unemployment rate to remain at 3.7%.
Minutes from the Federal Reserve’s December meeting showed that none of the Fed’s policymakers thought it prudent to cut the benchmark interest rate in the early part of the year, as financial markets expect.
Meeting participants generally believed that “maintaining restrictive monetary policy for an extended period until inflation clearly moves toward 2 percent would be justified,” the minutes said.
At the same time, the U.S. Central Bank reiterated its desire to achieve a slowdown in inflation without an excessive weakening of economic activity, Bloomberg noted.
The euro/dollar pair traded at $1.0513 as of 7:54 a.m. KSC on Friday, compared to $1.0523 at the close of the previous session.
The value of the U.S. currency in a pair with the yen rose to 134.29 yen from 133.40 yen in previous trading.
The pound to dollar exchange rate fell to $1.1903 against $1.1911 the day before.
The ICE index showing the dollar’s movement against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and the Swedish krona) rose 0.23% in trading, while the broader WSJ Dollar Index gained 0.11%.
A report from the industry organization ADP on Thursday showed an acceleration in U.S. private-sector job growth. They increased by 235,000 in December, ADP said. Analysts on average had forecast an increase of 150,000 jobs, according to Trading Economics. In November, the figure rose by 127,000.
Investors are now waiting for official data on the U.S. labor market for December, which will be released Friday at 3:30 p.m. Ksk. Experts polled by Trading Economics on average expect the number of jobs in the U.S. to rise by 200K last month and the unemployment rate to remain at 3.7%.
Minutes from the Federal Reserve’s December meeting showed that none of the Fed’s policymakers thought it prudent to cut the benchmark interest rate in the early part of the year, as financial markets expect.
Meeting participants generally believed that “maintaining restrictive monetary policy for an extended period until inflation clearly moves toward 2 percent would be justified,” the minutes said.
At that, the American Central Bank confirmed its desire to achieve slowdown of inflation without excessive weakening of economic activity, Bloomberg agency notes.
