After tumbling against its major counterparts on Friday amid dismal U.S. jobs data, the dollar recovered slightly in early Asian trading on Monday.
The U.S. Labor Department report showed on Friday that non-farm payroll employment increased just 39,000 in November, well below forecasts for a 130,000 increase. The unemployment rate jumped to 9.8% from 9.6% in October.
Amid the report, the dollar plunged to an 8-day low against the pound, 10-day low against the euro and the NZ dollar, 11-day low against the Aussie, 18-day low against the yen and a 3-week low against the franc.
The Federal Reserve could expand its new $600 billion quantitative easing program if the economy fails to revive as anticipated, its Chairman Ben Bernanke has said.
In a televised interview aired on Sunday, Bernanke told the CBS network the Fed’s policy easing was aimed at averting the US economy falling into a deflationary spiral and bring down high unemployment, shrugging off criticism the policy could lead to future inflationary pressures.
The dollar strengthened against the yen in early Asian deals on Monday. As of now, the dollar-yen pair is worth 82.92, up from Friday’s close of 82.60. If the dollar gains further, it may likely target the 83.5 level.
During early Asian deals on Monday, the dollar rose against the currencies of Europe, U.K. and Switzerland. At present, the dollar is worth 0.9772 against the franc, 1.3352 against the euro and 1.5743 against the pound, compared to Friday’s close of 0.9735, 1.3423 and 1.5784, respectively. The next upside target level for the dollar is seen at 0.990 against the franc, 1.325 against the euro and 1.565 against the pound.
The U.S. dollar gained against the Australian dollar during early Asian session on Monday. The greenback is currently worth 0.9869 against the aussie with 0.982 seen as the next upside target level. The pair closed Friday’s trading at 0.9936.
In early Asian session on Monday, the U.S. dollar climbed against the Canadian dollar. The greenback-loonie pair that closed last week’s trading at 1.0035 is presently worth 1.0060. If the greenback strengthens further, it may likely target the 1.008 level.
Against the New Zealand dollar, the U.S. dollar soared in early Asian deals on Monday. Currently, the greenback is worth 0.7625 against the kiwi, compared to Friday’s close of 0.7673. The next upside target level for the greenback is seen at 0.756.
Looking ahead, Switzerland’s foreign currency reserves data for November and the Eurozone Sentix investor confidence index for December are expected in the upcoming European session.
Canada’s building permits for October and Ivey PMI for November are slated for release at 8:30 am and 10:00 am ET, respectively.
This could end up being more like ‘The Rainmaker’ or ‘Philadelphia’ with just the tiniest hint of ‘Daredevil,’ yeah.
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