Positive labour market reports support US dollar, US Fed officials to make speech this week

Posted 04 February, 2019

The US dollar stays generally positive at the start of the week. Traders expect some US Fed officials to make statements this week.

The US Dollar index improved to some 95.420.

At present, the US dollar is getting support from a strong labour report in the USA. Specifically, the figures were above the expected level with new jobs reaching 304,000. For reference, the forecast was set at 165,000.

The US dollar improved against the euro. The euro to US dollar exchange rate dropped to $1.1450 on Monday.

The sterling to US dollar rate was recorded at $1.3070. It is expected that the BOE will leave the interest rate unchanged at the meeting to take place this week citing increasing chance for no-deal Brexit to happen on March 29.

The greenback posted better positions vs the Japanese yen as well. The rate was at some 109.60. The Australian dollar slackened vs its American counterpart to $0.7230. The Reserve Bank of Australia plans to discuss political issues during the meeting this week. 

The Chairmans of the US Federal Reserve divisions are said to make statements within this week with the Head of the US Fed Jerome Powell to make a message on Wednesday, though it is unclear so far whether he plans to speak about the monetary policy.

Notably, China's financial markets have gone for the Lunar New Year this week.

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04 February, 2019 12:21

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