🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Forex - Kiwi Down In Asia After Mixed Jobs Data, Eye On Dollar After US Rebound

Published 02/06/2018, 06:35 PM
© Reuters.  Kiwi down
AUD/USD
-
NZD/USD
-
US500
-
DJI
-
DX
-
IXIC
-

Investing.com - The kiwi fell after mixed jobs data on Wednesday with markets keeping a close eye on the dollar following a US market recovery overnight.

NZD/USD traded at 0.7331, down 0.13%. New Zealand reported fourth quarter labor cost index data with a 0.4% gain on quarter, compared to a 0.5% rise seen, and at a 1.9% pace on year as seen. As well, the unemployment rate fell to 4.5%, compared to an expected 4.7% and down 4.6% previously under a participation rate at 71.00%.

USD/JPy changed hands at 109.61, up 0.06%, while AUD/USD traded at 0.7893, down 0.14%.

Later, Japan reports average cash earnings for December with a 0.7% rise expected, down from 0.9%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.06% to 89.52. The Dow Jones Industrial Average closed higher at 24,914.49. The S&P 500 closed 1.75% higher, while the Nasdaq Composite closed at 7115.88, up 2.13%. The Dow Jones fell to an intraday low of 23,784 before staging a remarkable 1,100 move upside to end the day 550 points higher.

Overnight, the dollar retreated from highs against a basket of major currencies amid mostly bearish economic data and dovish comments from St. Louis Federal Reserve president James Bullard.

A pair of economic reports on the labour market and trade fell short of expectations, weighing on the dollar, and reminded investors that there is some sluggishness remains in the economy.

The U.S. Labor Department's latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in December fell to about 5.81m, short of expectations for 5.96m.

The trade deficit — which measures the gap between what the United States imports and what it exports — widened to $53.1 billion in December, up $2.7 billion from November.

St. Louis Federal Reserve president James Bullard attempted to curb expectations that rising wage growth would spur faster inflation, warning that nominal wages were not a good predictor of inflation. Bullard also said that that he favors low rates for an extended period, and expected that the Fed's dot plot may be less useful.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.