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Dollar Weakening Ahead Of Friday's Jobs Report

01.12.16 20:15

WASHINGTON (dpa-AFX) - The dollar is losing ground against all of its major rivals Thursday afternoon.

Investors are in a cautious mood ahead of the all important U.S. employment report for November, which will be released Friday morning.

The employment data released so far this week has painted a mixed picture heading into Friday. The private sector employment report released on Wednesday showed stronger than expected growth, but weekly jobless claims increased by more than expected this morning.

The Labor Department released a report on Thursday showing that first-time claims for U.S. claims climbed to a five-month high in the week ended November 26th.

The report said initial jobless claims rose to 268,000, an increase of 17,000 from the previous week's unrevised level of 251,000. Economists had expected jobless claims to inch up to 253,000.

Indicating a faster rate of growth in U.S. manufacturing activity in the month of November, the Institute for Supply Management released a report on Thursday showing a bigger than expected increase by its index of manufacturing activity.

The ISM said its purchasing managers index climbed to 53.2 in November from 51.9 in October, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to inch up to 52.3.

Reflecting a jump in spending on private construction, the Commerce Department released a report on Thursday showing that U.S. construction spending increased in line with economist estimates in the month of October.

The report said construction spending climbed 0.5 percent to an annual rate of $1.173 trillion in October from the revised September estimate of $1.167 trillion.

The dollar has slipped to around $1.0635 against the Euro Thursday afternoon, from yesterday's high of around $1.0550.

The Eurozone manufacturing activity expanded at the fastest pace in 34 months in November, final data from IHS Markit showed Thursday. The final Purchasing Managers' Index rose to 53.7 in November from 53.5 in October. The score was unchanged from the flash estimate.

Eurozone unemployment rate declined to the lowest in more than seven years in October, reflecting strong momentum in the labor market despite weak economic growth.

The jobless rate dropped to 9.8 percent in October from a revised 9.9 percent in September, Eurostat reported Thursday. This was the lowest since July 2009. Economists had expected the rate to remain unchanged at September's initially estimated 10 percent.

The buck dropped to nearly a 2-month low of $1.2695 against the pound sterling Thursday morning, but has since bounced back to around $1.2575.

British manufacturing sector expanded for the fourth straight month in November, but the pace of growth slowed unexpectedly, as a weaker currency drove up prices.

The Markit/CIPS Purchasing Managers' Index, or PMI, fell to 53.4 from 54.2 in October and September's 27-month high, survey results from IHS Markit showed Thursday. A reading above 50 suggests growth in the sector. Economists had forecast a higher score of 54.4.

U.K. house prices increased at a slower pace in November, the Nationwide Building Society said Thursday. House prices grew 4.4 percent year-on-year in November, slower than the 4.6 percent increase seen in October.

The greenback reached a high of Y114.722 against the Japanese Yen Thursday, but has since eased back to around Y114.210.

The manufacturing sector in Japan continued to expand in November, although at a slightly slower pace, the latest survey from Nikkei revealed on Thursday with a PMI score of 51.3. That's down marginally from 51.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Capital spending in Japan was down 1.3 percent on quarter in the third quarter of 2016, the Ministry of Finance said on Thursday. That missed expectations for a fall of 0.4 percent following the 3.1 percent gain in the three months prior.

Copyright RTT News/dpa-AFX



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