- U.S. job losses better than expected in April
- Dollar on track for weekly gains vs euro, Swiss franc
- Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
(Adds new comment, updates prices)
The U.S. dollar rose against some currencies on Friday after data showed the world's largest economy lost fewer jobs than expected last month on fallout from the coronavirus pandemic.
The greenback posted its largest weekly gain versus the euro in more than a month, although that was more related to the European single currency's issues concerning the European Central Bank's asset purchases.
The dollar also notched its best weekly performance against the Swiss franc in a more than a month as well.
Friday's data showed U.S. job losses in April hit 20.5 million, compared to expectations of 22 million. The unemployment rate was 14.7%, lower than the market forecast of 16%.
"This economic skid is so severe, does it really make much of a difference between a 20.5 million jobs lost and 22 million?" said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
"It doesn't really change anything. The market has rightly shrugged it off," he added. In afternoon trading, the dollar rose 0.4% against the yen to 106.71yen JPY=EBS , while the euro was flat against the dollar at $1.0836 EUR=EBS .
The dollar index, as a result, was little changed at 99.77 =USD . Risk appetite was broadly higher on the day, with U.S. stocks and Treasury yields higher. "Wall Street did not learn anything new regarding the U.S. labor situation, but one thing seems certain, price action is signaling that the majority of these job losses are expected to be short-lived," said Edward Moya, senior market analyst, at OANDA in New York.
"Without a vaccine, it is hard to imagine that large parts of the economy (leisure, hospitality and retail) will recover the majority of jobs anytime soon. The surge in wages is getting no attention as the widespread job losses were mainly hurting the lower paying ones," he added.
Wall Street did not learn anything new regarding the US labor situation, but one thing seems certain, price action is signaling that the majority of these job losses are expected to be short-lived.
======================================================== Currency bid prices at 4:17PM (2017 GMT)Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.0834 $1.0832 +0.02% -3.34% +1.0875 +1.0816 Dollar/Yen JPY= 106.7100 106.2700 +0.41% -1.98% +106.7400 +106.2300 Euro/Yen EURJPY= 115.63 115.12 +0.44% -5.18% +115.7400 +115.0400 Dollar/Swiss CHF= 0.9710 0.9728 -0.19% +0.33% +0.9739 +0.9682 Sterling/Dollar GBP= 1.2405 1.2361 +0.36% -6.44% +1.2467 +1.2357 Dollar/Canadian CAD= 1.3927 1.3970 -0.31% +7.25% +1.3999 +1.3908 Australian/Doll AUD= 0.6529 0.6494 +0.54% -7.01% +0.6547 +0.6494 arEuro/Swiss EURCHF= 1.0523 1.0539 -0.15% -3.03% +1.0546 +1.0524 Euro/Sterling EURGBP= 0.8733 0.8761 -0.32% +3.30% +0.8769 +0.8714 NZ NZD= 0.6133 0.6083 +0.82% -8.95% +0.6147 +0.6087 Dollar/DollarDollar/Norway NOK= 10.2168 10.2358 -0.19% +16.39% +10.2599 +10.1771 Euro/Norway EURNOK= 11.0740 11.1040 -0.27% +12.56% +11.1105 +11.0503 Dollar/Sweden SEK= 9.7642 9.8080 -0.45% +4.46% +9.8208 +9.7349 Euro/Sweden EURSEK= 10.5838 10.6312 -0.45% +1.09% +10.6374 +10.5835 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Australian dollar https://tmsnrt.rs/3biO1Gq^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
