Currency – The dollar is moving towards employment


© Reuters. The dollar is moving towards employment

Investing.com – The dollar has increased slightly on Friday as investors are waiting for u.s. employment.

The index dollar, which measures the greenback’s strength against a basket of six major currencies, ahead of 0.07% to 94.69 at 5:53 AM ET (9:53 AM GMT).

In a report, the Department of Labor has indicated that the number of individuals having recourse to unemployment assistance during the week leading up to October 28, had decreased from 5000 to 229.000, since 234.000 last week.

The dollar is under pressure after president Donald Trump has nominated Jerome Powell to head the Federal Reserve on Thursday. Powell, who was appointed governor of the Fed in 2012 by former president Barak Obama and was confirmed in 2017 is seen as a dove. It should follow the same path as the current chair Janet Yellen in terms of the rate. His entrustment is subject to Senate confirmation.

The dollar is approaching the highest in four months against the yen, with USD/JPY up 0.04% to 114.12.

The GBP/USD rose 0.05% to 1.3064, after having declined to a low the previous day when the Bank, the Bank of England increased its interest rates for the first time since 2007.

In a report, the bureau of studies Markit noted that the PMI index for services rose to 55.6 last month from 53.6 in September. Economists were counting on a reading of 53.3.

The euro declined with EUR/USD down 0.09% to 1.1647 and the EUR/GBP down 0.13% to 0.8914.

The aussie has been hit with the AUD/USD down 0.54% at 0.7671.

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