Greenback moves lower vs. loonie in early tradeInvesting.com - The U.S. dollar dropped against its Canadian counterpart on Friday, after the release of strong Canadian jobs data, although an equally positive employment report from the U.S. was expected to limit the greenback's decline. The U.S. ticked down to 4.7% in February from 4.8% the previous month, in line with expectations. In the U.S., the Labor Department said 235,000 jobs last month, beating expectations for an increase of 200.000. Statistics Canada reported on Friday that increased by 15,300 in February, beating expectations for a 2,500 rise and after a 48,300 climb the previous month. The strong numbers added to expectations for a rate hike by the Federal Reserve at its highly-anticipated policy meeting next week.
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FOREX-Dollar hits seven-week high vs yen, focus on U.S. jobs data
Markets are now pricing in an almost 90 percent chance of a Fed hike next week, according to Reuters data. The dollar climbed almost half a percent to 115.495 yen
, its highest since Jan. 20, leaving it up nearly 1-1/2 percent for the week. The dollar index, which tracks the greenback against a basket of six major rivals, was flat at 101.85 <.DXY>. It was on track for its fifth straight week of gains - its best run in eight months - after a quarter-of-a-percent rise this week. (Reporting by Ritvik Carvalho; Editing by Mark Potter) ((ritvik.carvalho@thomsonreuters.com; +44 20 75429406)) Keywords: GLOBAL FOREX/ (UPDATE 3)
The dollar slumped to a session of low of 101.70 weighed by a bullish euro and weaker than expected initial jobless claims. The softer initial jobless claims data came a day ahead of a key nonfarm payrolls report for February due to be released on Friday, with a gain of 190,000 jobs expected. Analysts expected jobless claims to rise by 12,000 to 235,000 last week. Overnight, the dollar dipped against a basket of major currencies on Thursday, after initial jobless claims missed expectations while the euro dipped back under $1.06. U.S. Department of Labor said Thursday, initial jobless claims increased by 20,000 to 243,000 in the week ending March 4 from the previous week's total of 223,000.
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