Dollar Edges Higher Recovering

FxPremiere.com – FX Signals The dollar edged higher in early European trading Monday, recovering some of its losses after Friday’s disappointing jobs report raised questions about the strength of the U.S. economic recovery.

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USD/JPY up 0.1% at 105.50, GBP/USD was flat at 1.3735, near a three-year high, while the risk-sensitive AUD/USD fell 0.1% to 0.7676. Telegram Forex Signals

Friday’s U.S. jobs report for January showed that fewer jobs were created in the economy than expected, with only 49,000 non-farm payrolls recorded. Dollar Edges Lower Brexit

“The disappointing U.S. jobs data may mark the end of the first phase of the dollar’s recovery,” said Marc Chandler, Chief Market Strategist at Bannockburn Global Forex.

However, “we suspect that the employment data is not a game-changer,” Chandler added. “The U.S. economy is expanding, and Japan, and especially Europe, are contracting. Moreover, one way or the other, the U.S. will be delivering significantly more fiscal stimulus.” GBP/EUR Exchange Rate Stable

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EUR/USD traded largely unchanged at 1.2050, after climbing 0.7% on Friday after the weak nonfarm payrolls release.

German industrial output stagnated in December, coming in flat on the month after an upwardly revised increase of 1.5% in the previous month as lockdowns held back Europe’s largest economy. This was the first stagnation following seven consecutive months of expansions.

Dollar Edges Higher Recovering