After nearly a month of declines, the US Dollar steadied in European trading thanks to unexpectedly upbeat labor data on Friday. The US Labor Department reported that the US added 227,000 new private sector jobs in January, 50,000 more than analysts had predicted. At the same time, however, the news that wage growth declined to 0.1% (against expectations of 0.3%) while the unemployment rate edged higher to 4.8% helped push back investor speculation that the Fed might hike interest rates in the near term.
As reported at 10:30 am (GMT) in London, the USD/JPY was trading at 112.605 Yen, just a few pips from the daily opening. The EUR/USD was down 0.43% to trade at $1.0735 close to the daily low while the high in today’s trading session was set at $1.08. The GBP/USD was lower at $1.2482, down 0.03% moving away from the session low of $1.2451.
Aussie Dollar Tumbles after Sales Data
The Australian Dollar was the primary mover among developed economies, coming under pressure after disappointing retail sales figures. Tomorrow, the Reserve Bank of Australia will be releasing its latest monetary policy decision. Analysts expect that the RBA will hold rates at the current 1.5%. The AUD/USD was trading at $0.7660, down 0.44%; the session low was set at $0.7652