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USD HOLDS ONTO GAINS

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USD HOLDS ONTO GAINS

May 11 2015, 08.35am GMT

On Friday, the dollar (USD) stayed broadly supported against other major currencies as data indicated that slightly less jobs were created than expected last month in the U.S. economy.

Added to this, the decline in unemployment rates stayed in line with expectations.

According to the Labor Department, the U.S. economy managed to add 223,000 jobs last month - this number is below the expected increase of 224,000. The job numbers in March were revised to 85,000 from a previously estimated 126,000.

In line with expectations, the report also indicated that the U.S. unemployment rate decreased from 5.5% last month to 5.4% in April.

The U.S. dollar index, used to measure the strength of the greenback against a basket of six major currencies, trade-weighted, increased 0.20% to 94.92.

Meanwhile, the British pound managed to stay close to a two and a half month high of 1.5245 earlier on in the session, seeing GBP/USD increase 0.97% to trade at 1.5394.

The sterling got support after the win by the Conservatives that saw them on Thursday get more than half the Parliamentary seats, outnumbering the Labor party & allowing David Cameron to put an end to the coalition with the Liberal Democrats to govern alone.

On Friday, industry data also indicated that U.K. house prices increased 1.6% last month, beating expectations for a 0.4% rise. The figure for March was revised to a 0.6% increase from a 0.4% increase previously estimated.

In other currency news, the euro pushed down, with EUR/USD dropping 0.52% to 1.1207. Moreover, the USD/JPY was at 119.81, the dollar holding steady against the yen and up against the Swiss franc, seeing the USD/CHF climb 0.55% 0.9269.

The minutes from the Bank of Japan’s earlier policy meeting indicates that most of the board members were in favor of proceeding with the banks aggressive asset buying program. However, Takahide Kiuchi, a board member, called on the Bank of Japan to immediately reduce its annual bond purchase target by nearly a half to ¥45 trillion a year. His proposal was smashed by an 8 to 1 vote.

On Friday, in Switzerland, data indicated that consumer prices dropped 0.2% in April, lower than expectation for a 0.1% rise, after a 0.3% increase the month before.

Also, the NZD/USD increased 0.22% to 0.7465 while the USD/CAD held firm at 1.2127.

MT4 Chart: EUR/USD

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