Dollar remains moderately higher ahead of U.S. data
Investing.com – The U.S. dollar held onto gains against other major currencies on Tuesday, as investors awaited a highly-anticipated report on U.S. inflation due later in the day.
The dollar initially strengthened after the Labor Department reported on Friday that the U.S. economy added last month, beating economists’ forecasts of 200,000. It was the largest monthly increase in one-and-a-half years.
However the report also showed that average hourly earnings rose by just in February for an annual rate of 2.6%, down from 2.8% in January.
The slowdown in wage growth dampened eased concerns over inflationary pressures and dampened expectations for four rate hikes by the Federal Reserve this year.
Market participants were looking ahead to the report due later in the day, to see if it confirms the expectations created by Friday’s jobs data.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 90.04 by 06:15 a.m. ET (10:15 GMT).
The euro and the pound were lower, with down 0.08% at 1.2329 and with slipping 015% to 1.3885.
The yen and Swiss franc were also weaker, with up 0.71% at 107.17 and with adding 0.17% to 0.9485.
Elsewhere, the Australian dollar was lower, with down 0.08% to 0.7866, while gained 0.42% to 0.7325.
Meanwhile, edged up 0.13% to trade at 1.2859.
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.
Latest posts by investing.com (see all)
- Forex – Dollar Firm as Pessimism over Global Growth hits Risk Sentiment - January 22, 2019
- Yuan's drop aligns it with China's cooling economy, easier policy - January 22, 2019
- Forex – U.S. Dollar Steadies as IMF’s New Warning Supports Safe-Haven Demand - January 22, 2019