Dollar pushes higher vs. other majors, U.S. data supports
Investing.com – The U.S. dollar extended gains against other major currencies on Friday, after data showed that the U.S. economy added more jobs than expected this month, adding to optimism over the strength of the economy.
The U.S. Labor Department said the economy added in January, beating expectations for a 184,000 gain.
The unemployment rate remained unchanged at this month, in line with expectations.
The report also showed that average hourly earnings rose in January, as expected.
The greenback was already supported after the Federal Reserve, at the conclusion of its policy meeting on Wednesday, signaled its confidence about inflation and growth in the U.S.
The Fed said that inflation is , boosting expectations for further interest rate hikes under incoming central bank head Jerome Powell.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.50% at 88.92 by 08:35 a.m. ET (12:35 GMT).
The euro and the pound pushed lower, with down 0.39% at 1.2465 and with declining 0.62% to 1.4348.
Research group Markit reported earlier Friday that its UK construction purchasing managers index fell to in January from 52.2 the previous month, compared to expectations for a downtick to only 52.0.
The yen and the Swiss franc also remained weaker, with up 0.70% at 110.16 and with gaining 0.40% to 0.9303.
Elsewhere, the Australian and New Zealand dollars extended losses, with tumbling 1.08% to 0.7952 and with retreating 0.99% to 0.7324.
Meanwhile, advanced 0.73% to trade at 1.2353.
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