The U.S. dollar is lower against major pairs only appreciating against the Swiss franc (CHF) and the Japanese yen (JPY). The greenback got a small boost from the release of the U.S. non-farm payrolls (NFP). The United States added 148,000 well below expectations but with the hourly wages rising 0.3% but that was not good enough to counter positive economic indicators released in Europe and the stronger jobs report in Canada.
This is certainly shaping up to be another painful trading week for the Dollar. Bulls were nowhere to be found during Thursday’s trading session, despite the release of yesterday’s somewhat hawkish Federal Reserve minutes. While policymakers expressed optimism over the U.S. labor markets, and believe that tax cuts could stimulate consumer spending, concerns over low levels of inflation lingered throughout the meeting minutes.
Investors kicked off 2018 on a positive note sending U.S. stocks to fresh highs on the first trading day. The optimistic approach on day one was supported by encouraging economic data from China, where the Manufacturing Purchasing Managers’ Index for December beat expectations by coming in at 51.5 versus expectations of 50.6.