By: DailyForex.com
After Friday’s labor report from the US, the greenback today is once again under some pressure. While new private sector jobs growth fell in January, missing analysts’ expectations, the unemployment rate dipped to an 8-year low. Analysts say that the labor sector remains in solid recovery mode as evidenced by rising wages and an improved unemployment rate and despite the declines in new jobs. Nonetheless, the economic outlook as a whole remains uncertain, and the chances for another Federal Reserve interest rate hike seem to be lessening.
As reported at 10:49 am (GMT) in London, the EUR/USD was trading at $1.1168, a gain of 0.07%; the pair has ranged from a low of $1.1125 to a peak of $1.1185 in today’s trade. The USD/JPY was trading lower at 116.7410 Yen, down 0.17%; today’s low was at 116.6120 Yen and the high was at 117.5400 Yen.
Commodity Currencies Feel the Pressure
The Canadian Dollar is flat at C$1.3890; earlier the Loonie had been up about 0.2% after oil prices edged higher during the Asian trading session. Similarly, the AUD/USD is off the session peak of $0.7130, and is currently trading at $0.7094, still a gain of 0.17% for the Aussie. Given the continuing economic uncertainty in China, especially with no consistent signs of growth improving, the commodity-linked currencies could remain under some pressure.