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06.03.2015 16:37

Foreign exchange market. American session: the U.S. dollar traded higher against the most major currencies ahead after the better-than-expected U.S. labour market data

The U.S. dollar traded higher against the most major currencies ahead after the better-than-expected U.S. labour market data. The U.S. economy added 295,000 jobs in February, exceeding expectations for a rise of 241,000 jobs, after a gain of 239,000 jobs in January. January's figure was revised down from a rise of 257,000 jobs.

The strongest job gains showed food services and drinking places, professional and business services, construction, healthcare, and transportation and warehousing.

The U.S. unemployment rate fell to 5.5% in February from 5.7% in January, beating forecast of a decline to 5.6%. That was lowest level since May 2008.

The decline was driven by people leaving the labour force.

Average hourly earnings increased 0.1% in February, missing forecasts of a 0.2% gain, after a 0.2% drop in January. January's figure was revised up from a 0.1% increase.

These figures are signs that the labour market in the U.S. is strengthening. But the Fed might delay to hike its interest rate due to the weak wage growth figures and low inflation.

The U.S. trade deficit narrowed to $41.8 billion in January from a deficit of $45.6 billion in December. That was the lowest level since November 2012.

December's figure was revised up from a deficit of $46.6 billion.

Analysts had expected a trade deficit of $41.6 billion.

The decline of a deficit was driven by cheaper U.S. energy prices and lower demand for foreign oil.

The euro fell against the U.S. dollar. The euro remained under pressure after yesterday's comments by the ECB President Mario Draghi. The European Central Bank (ECB) President Mario Draghi said at the press conference on Thursday that the central bank will start its 60 billion euro-a-month bond purchases on March, 9. He noted that the ECB will buy euro-dominated public sector securities in the secondary market, and it will also continue to purchase asset-backed securities and covered bonds.

Eurozone's revised gross domestic product (GDP) rose 0.32% in fourth quarter, in line with expectations and matching an initial estimate.

On a yearly basis, Eurozone's revised gross domestic product (GDP) increased 0.9% in fourth quarter, in line with expectations, up from an initial estimate of 0.8%.

German industrial production increased 0.6% in January, in line with expectations, after a 1.0% gain in December. December's figure was revised up from a 0.1% increase.

The British pound declined against the U.S. dollar. Consumer inflation expectations for the coming year in the UK declined to 1.9% in February from 2.5% in November. That was the lowest level since late 2001.

The Canadian dollar traded lower against the U.S. dollar after the weaker-than-expected Canadian economic data. Canada's trade deficit widened to C$2.45 billion in January from a deficit of C$1.22 billion in December. December's figure was revised down from a deficit of C$0.65 billion. Analysts had expected a trade surplus of C$0.3 billion.

The decline was driven by falling oil prices.

Building permits in Canada dropped 12.9% in January, missing expectations for a 5.5% gain, after a 6.1% rise in December. December's figure was revised down from a 7.7% increase.

That was the biggest drop since August 2014.

The labour productivity of Canadian businesses dropped by 0.1% in the fourth quarter, missing expectations for a 0.2% increase, after a 0.2% rise in the third quarter. The third quarter's figure was revised up from a 0.1% gain.

The Swiss franc traded lower against the U.S. dollar. Switzerland's consumer price index dropped 0.3% in February, missing expectations for a 0.1% rise, after a 0.4% decline in January.

The decline was driven by a decrease in petrol and diesel fuel, groceries, and package holidays.

On a yearly basis, Switzerland's consumer price index declined to -0.8% in February from -0.5% in January, missing expectations for a 0.6% drop. That was the since June 2012.

The Swiss National Bank's foreign exchange reserves increased to 509.250 billion Swiss francs in February from 498.463 billion francs in January. January's figure was revised up from 498.398 billion francs.

The increase was likely driven by a decline in the Swiss franc.

The SNB declined to comment if it may have intervened.

The New Zealand dollar declined against the U.S. dollar. In the overnight trading session, the kiwi traded lower against the greenback in the absence of any major economic reports from New Zealand.

The Australian dollar decreased against the U.S. dollar. In the overnight trading session, the Aussie traded higher against the greenback after the AIG performance of construction index from Australia. The AIG performance of construction index declined to 43.9 in February from 45.9 in January.

The Japanese yen traded lower against the U.S. dollar. In the overnight trading session, the yen traded higher against the greenback Japan's leading economic index decreased to 105.1 in January from 105.3 in December, missing expectations for a rise to 105.9. December's figure was revised down from 105.6.

Japan's coincident index rose to 113.0 in January from 110.6 in December. December's figure was revised down from 110.7.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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