Forex – Dollar off Lows on Upbeat U.S. Job Openings, Weaker Yen


© Reuters. The dollar was flat against its rivals on Tuesday.

Investing.com – The dollar was off its lows against its rivals Tuesday on upbeat U.S. labor market data and a weaker yen, amid waning safe-haven demand as Wall Street rallied.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.04% to 94.73.

The U.S. Labor Department’s latest (JOLTs) report, a measure of labor demand, showed job openings in August improved to about 7.136 million, beating expectations of 6.945 million.

The rising number of openings comes as the unemployment rate fell to its lowest level in 49 years in September, reaffirming investor expectations that the U.S. labor market remained strong.

The dollar’s charge higher, however, was stifled by ongoing strength in the pound following upbeat .

rose 0.26% to $1.3187, but the pair retreated from a session high of $1.3236 amid expectations that the EU and the U.K. are unlikely to reach a Brexit deal this week.

rose 0.04% to $1.1586, as analysts warned that the European Union and Italy are headed for a “messy clash” over the country’s plans to stick to its 2019 budget deficit at 2.4% of GDP.

“There is little to suggest that (Italy’s) government will relent (on its budget proposals),” said Patrick O’Donnell, senior investment manager at Aberdeen Standard Investments. This makes a “messy clash almost inevitable now,” he added.

Downside in the dollar was limited, however, by reduced demand for safe-haven yen as a slew of corporate earnings whetted investor appetite for risk.

rose 0.35% to Y112.17.

fell 0.55% to C$1.2921 as the loonie drew support from rising oil prices, which weighed on the pair.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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.

Comments

comments