RTTN: Dollar Jumps To Fresh 7-week High Against Yen, 1-week High Against European Majors
(RTTNews) - The US dollar extended its recent rally against major currencies on Friday morning in New York. The dollar gained after the report showed that the pace of job losses in the U.S. slowed by more than economists had been expected.
The non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.
Additionally, the Labor Department said that the unemployment unexpectedly edged down to 9.4 percent in July from 9.5 percent in June. The decrease surprised economists, who had been expecting the unemployment rate to edge up to 9.6 percent.
The greenback touched 97.58 against the yen around 11:05 am ET, the highest level since June 16. The next upside target for the dollar-yen pair is seen near the 98.6 level.
The US dollar advanced to a weekly high of 1.4198 against the euro, 1.6677 versus the pound and 1.0813 against the Swiss franc by 10:55 am ET.
On the upside, the greenback may find target levels of 1.407 against the euro, 1.646 against the pound and 1.094 against the Swiss franc.
The US dollar closed Thursday's trading at 1.0656 against the franc, 95.47 versus the yen, 1.6784 against the pound and 1.4348 per euro.
Looking ahead, the U.S. Federal Reserve is expected to release its monthly consumer credit report at 3:00 pm ET. Consumer credit for June is likely to show a decline of $4.1 billion.
