Investing.com – The dollar continued to languish at there-month lows on Thursday as an upbeat labor market report failed spark a rebound in the greenback amid pressure from a rally in the euro to nearly three-year highs.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.24% to 91.67.
The dollar gave up most of its gains from Wednesday’s session as the prospect of the Fed adopting a more aggressive path to monetary policy tightening amid upbeat economic data did little to lift sentiment on the greenback.
grew by 250,000 for December, a sharp increase from the 185,000 private jobs created in the previous month, according to a report released Wednesday by ADP and Moody’s Analytics. That beat economists’ forecast of 191,000.
The U.S. Department of Labor reported Thursday that increased 5,000 to a seasonally adjusted 250,000 for the week ended Dec. 30, missing forecasts of a 3,000 increase.
Analysts at Pantheon, however, noted that the rise in weekly jobless claims – the result of holiday season problems – were “nothing to worry about,” as weakness is expected to “reverse in due course.”
A sharp rally in the euro added to pressure on the greenback as the single currency neared three-year highs on upbeat Eurozone service sector, which stoked expectations that the European Central Bank is considering reining in its loose monetary policy measures.
rose 0.42% to $1.2073 while rose 0.24% to £0.8911.
rose 0.23% to $1.3546 but remained below $1.36 resistance.
gained 0.28% to 112.79, while fell 0.26% to C$1.2506 as the latter came under pressure amid rally in oil prices.
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)
- Euro, sterling shaky as markets eye Italy budget, Brexit developments - October 22, 2018
- Forex – Weekly Outlook: October 22 – 26 - October 21, 2018
- FX options flag uncertainty before U.S. midterm election; bonds complacent - October 21, 2018