Forex - Dollar gains versus yen on jobs report, slips versus euro

Investing.com - The dollar rose against the yen after markets applauded a better-than-expected U.S. November jobs report, though profit taking wiped out gains against the euro and other currencies on Friday.

In U.S. trading on Friday, EUR/USD was up 0.19% at 1.3692.

The dollar advanced earlier after the Department of Labor said the U.S. economy added 203,000 jobs in November, beating expectations for a 180,000 increase and up from a downwardly revised 200,000 rise the previous month.

In the private sector, 196,000 jobs were added last month compared to expectations for a 180,000 rise, after an increase of 214,000 in October.

The report also said the U.S. unemployment rate fell to 7.0% in November, from 7.3% in October, beating expectations for a downtick to 7.2%.

Also on Friday, the preliminary Thomson Reuters/University of Michigan consumer sentiment index increased to 82.5 in December from 75.1 the previous month, far surpassing expectations for a 76.0 reading.

The data kept expectations firmly in place that the Federal Reserve will begin scaling back its USD85 billion in monthly bond purchases, which weaken the dollar to spur recovery, however. profit taking sent the greenback falling, as a strong jobs report was already priced into trading prior to Friday.

The euro and other higher-yielding currencies continued to see support on the European Central Bank's decision this week to forgo implementing negative interest rates, which many investors were expecting.

The greenback was down against the pound, with GBP/USD up 0.03% at 1.6341.

Industry data showed that house price inflation in the U.K. rose 1.1% in November from October, beating expectations for a 0.6% increase, after an upwardly revised 1.3% rise the previous month.

On year, house price inflation rose 7.7% in November, beating market calls for a 7.2% reading.

The dollar was up against the yen, with USD/JPY up 1.14% at 102.96, and down against the Swiss franc, with USD/CHF down 0.42% at 0.8929.
In Canada, official data showed that the economy added 21,600 jobs last month, blowing past expectations for a 12,000 rise, after an increase of 13,200 in October.

Canada's unemployment rate remained unchanged at 6.9% in November, compared to expectations for a rise to 7.0%.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.05% at 1.0660, AUD/USD up 0.40% at 0.9098 and NZD/USD trading up 0.80% at 0.8286.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.07% at 80.34.

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