Investing.com – The dollar rose against a basket of major currencies on Thursday as a series of upbeat data investor fueled optimism for solid U.S. economic growth before a crucial non-farm payrolls report due Friday.
The US dollar index, which rose in the measures of the greenback’s strength against a trade-weighted basket of six major currencies 0.51% to 93.79.
In what was a busy day on the economic calendar for the top-tier data, investors cheered euphoric initial jobless claims and the trade balance data show that the strength of the US economy.
The U.S. labor Department reported Thursday that initial claims for unemployment benefits fell 12,000 to a seasonally adjusted 60,000 in the week ended Sept. 30, beating the forecasts of a 7,000 decline.
The trade deficit — the measures, which narrows the gap between what is imported to the United States, and what is to be exported, to $42.4 billion in August, down $ 1.2 billion from July. The exports in August were $195.3 billion, while imports 237.7 billion, came to $.
The duo reports to a non-agricultural wage and salary update lists due Friday, expected the US economy created 90,000 jobs in September. It is the first time since December 2012 that economists ‘ forecasts for the creation of jobs fell below 100,000 in the midst of concerns that the hurricanes Harvey and Irma disturbed labour market activity.
The Federal Reserve observed, the two labour market growth and the pace of inflation, if it considers that the monetary policy decisions. The Federal Reserve signaled its previous policy meeting that the majority of its members, a further interest rate support increase this year.
San Francisco Fed President John Williams said Wednesday he does not need to see, to move inflation upwards, to support a further interest rate increase this year, as long as other economic data points to continued economic strength.
The move higher in the dollar to both the pound sterling and the euro, with the latter under pressure after the publication of the somewhat quiet ECB minutes of the September meeting.
GBP/USD fell to $1.3130, down 0.85%, while the EUR/USD dipped 0.45% to $1.1708.
USD/JPY rose 0.02% to Y112.77 while the USD/CAD 0.75% added to C$1.2571. The Canadian dollar softened amid data showing the trade deficit widened in August.