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Dollar Continues To Stay Firm Against Major Currencies

The U.S. dollar exhibited strength on Friday and scored strong gains against most major currencies, thanks to upbeat monthly jobs data.

Traders continued to weigh the economic impact of the coronavirus outbreak.

The dollar index rose to 98.71, gaining about 0.21%.

Data released by the Labor Department today showed that employment jumped by 225,000 jobs in January following a revised increase of 147,000 in December.

Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

The unemployment rate inched up 3.6% in January from 3.5% in December, against expectations for an unchanged rate.

Against the Euro, the dollar strengthened to $1.0945, gaining about 0.35%, from $1.0983.

Against Pound Sterling, the dollar was up more than 0.3% at $1.2884, strengthening from $1.2928.

The Japanese Yen fared well against the greenback, gaining more than 0.2%, at 109.76 a dollar.

The Aussie was notably weaker against the dollar with the AUD-USD pair at 0.6675, more than 0.8% down from previous close.

Against Swiss franc, the dollar was gaining nearly 0.3% at 0.9776.

The dollar was up against the loonie at 1.3306. Data released by Statistics Canada showed full-time employment in Canada increased by 35,700 jobs in January 2020, nearly two times the expected rise. In December, the economy had added 33,900 jobs. Part-time employment in the country was down by 1,200 in January, after a drop of 6,500 jobs a month earlier.

The unemployment rate in Canada fell to 5.5% in January 2020, from 5.6% in the previous month, and below market expectations of 5.6%.


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