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Dollar weakens after weak job data
Wednesday, 08 April 2015 04:07

Dollar weakens after weak job data

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Dollar index fell little by 0.17% to 87.36 as jobs data on Friday came below estimated.

On Friday Bureau of Labor Statistics reported increase in jobs by 214k, less than expectation of 235k. But jobs have been increasing nearly 200k for last six months in the economy. Unemployment rate fell to 5.8% from 5.9% and there was not seen major change in earnings which came at 0.1%. It indicates moderate change in labor market and there may not come any change in Fed policy outlook.

Rupee opened high at 61.52 from previous close of 61.63. India will release CPI and Industrial Production data on Wednesday. CPI is expected to fall further to 6.20% for Oct from 6.46% that may support the currency but Industrial Production is likely to remain unchanged at 0.4% which is the matter of concern.

Traders are still having bullish view on USD as the economy is recovering and growth engines of other major economies are slowing down. They are viewing this movement in dollar as correction and expecting bullish trend to continue.

Asian markets have also gained after the U.S. data release. Movement in equity market with flow of foreign investors may also determine the rupee range. Today we may see rupee within the range of 61.30 to 61.70.

 

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