Dollar jumps up on robust U.S. jobs report

Investing.com - Investing.com - The dollar firmed against most major currencies on Friday after official data revealed the U.S. economy added way more payrolls in November than investors were expecting.

In U.S. trading on Friday, EUR/USD was up 0.72% at 1.2289.

The Labor Department reported earlier that the U.S. economy added 321,000 jobs in November, well past expectations for a 225,000 reading. October's figure was revised up to 243,000 from a previously estimated 214,000, pointing to underlying strength in the labor market.

The U.S. unemployment rate remained unchanged at 5.8% last month, in line with expectations, and the numbers fueled expectations that the Federal Reserve will raise interest rates in 2015, possibly earlier than once anticipated.

A separate report showed that the U.S. trade deficit hit $43.40 billion in October, down from $43.60 billion in September, whose figure was revised from a previously estimated deficit of $43.00 billion. Analysts had expected the trade deficit to narrow to $41.20 billion in October.

Data also showed that U.S. factory orders fell 0.7% in October compared to expectations for a 0.2% slip. Factory orders in September were revised to a 0.5% decline from a previously estimated 0.6% fall.

In the euro zone, official data earlier showed that German factory orders rose 2.5% in October, exceeding expectations for a 0.6% gain. Factory orders in September were revised to an increase of 1.1% from a previously estimated 0.8% rise.

The single currency had strengthened broadly on Thursday after European Central Bank President Mario Draghi indicated that the bank would not embark on quantitative easing for now, saying the bank would reassess its stimulus program in the first quarter of 2015.

The dollar was up against the yen, with USD/JPY up 1.37% at 121.43, and down against the Swiss franc, with USD/CHF up 0.71% at 0.9783.

The yen remained under pressure after Japanese media outlets reported on Thursday that Prime Minister Shinzo Abe's coalition government could retain its majority in the lower house of parliament in elections due to be held on December 14.

The greenback was up against the pound, with GBP/USD down 0.62% at 1.5576.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.43% at 1.1434, AUD/USD down 0.67% at 0.8328 and NZD/USD down 0.89% at 0.7712.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.79% at 89.36.

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Dollar jumps up on robust U.S. jobs report

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