The U.S. dollar was up against majors pairs on Friday ahead of the release of employment data in America. On a weekly basis the greenback gained against the Canadian dollar (CAD), euro (EUR) and the British pound (GBP), but lost ground against the Japanese yen (JPY), Aussie dollar (AUD) and the Swiss franc (CHF) after five days that featured various geopolitical developments. Holidays in the United Kingdom and the United States will make for a short trading week, but one that will be filled with economic data releases alongside new reports from U.S.-China and U.S.-North Korea relations.
The U.S. dollar appreciated against major rival currencies on Friday. The dollar rally is back on after the two of the largest parties in Italy agreed to form a coalition government and Japanese inflation retreated. Although there is no plan for Italy to exit the European Union it could put it to the test with its fiscal strategy.
The U.S. dollar rally lost momentum during the week and recorded its third day of depreciation versus other major pairs. The U.S. dollar continues to gain versus emerging market currencies as more signs of a global growth slowdown appear. The US consumer price index (CPI) came in under expectations and raised concerns on how many rate hikes could the Fed get away with in 2018.
The U.S. dollar rally continues to gather steam as it appreciated against major pairs for a third week. The U.S. nonfarm payrolls (NFP) provided little support with a miss in both the headline job number and the much-anticipated wage growth component. The main takeaway from the jobs report was the drop in the employment rate from 4.1% last month to 3.9%.