Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Dollar flat on U.S. jobs data, looks towards Yellen testimony

Published 02/10/2014, 03:44 PM
Updated 02/10/2014, 03:45 PM

Investing.com - The greenback traded largely flat against major currencies on Monday in a market void of major economic indicators as investors digested Friday' soft U.S. unemployment data a day before Federal Reserve Chair Janet Yellen delivers her first congressional testimony as the country's top monetary authority.

In U.S. trading on Monday, EUR/USD was up 0.01% at 1.3636.

The U.S. Labor Department reported on Friday that the economy added 113,000 jobs in January, less than an expected 185,000 increase.

While soft, the numbers weren't seen as weak enough to prompt the Fed to seriously delay tapering its USD65 billion in monthly bond purchases, which weaken the dollar to spur recovery by suppressing long-term interest rates.

Still, uncertainty surrounding the pace at which the Fed will taper due to soft economic indicators weakened the dollar at times in a session void of major U.S. economic indicators.

Investors also remained on the sidelines ahead of Yellen's congressional testimony on Tuesday, which many hope will carry clues on the direction of U.S. monetary policy.

Meanwhile, the single currency remained under pressure after Germany's constitutional Court ruled at the end of last week that the European Central Bank’s bond-buying program may exceed its mandate, and referred it to European Court of Justice.

Markets shrugged off data released earlier revealing that French industrial production fell 0.3% in December, compared to expectations for a 0.1% uptick. Industrial production in November was revised down to a 1.2% increase from a previously estimated 1.3% rise.

The dollar was down against the yen, with USD/JPY down 0.09% at 102.24, and down against the Swiss franc, with USD/CHF down 0.14% at 0.8972.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In Japan, government data showed that the current account deficit expanded to JPY0.20 trillion in December, from JPY0.05 trillion the previous month. Analysts had expected the current account deficit to expand to JPY0.06 trillion in December.

The greenback was up against the pound, with GBP/USD down 0.07% at 1.6402.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.21% at 1.1056, AUD/USD down 0.19% at 0.8942 and NZD/USD down 0.38% at 0.8264.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.01% at 80.74.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.