NEW YORK (Reuters) – Investors with sizeable gains from the dollar’s strong move upward in recent weeks sold the greenback to capture profits on Friday despite a solid U.S. jobs report that bolstered the case for the Federal Reserve to raise U.S. interest rates later this year.
“It looks like some trimming of positions heading into the weekend, but the strong dollar is still intact,” said Camilla Sutton, chief currency strategist at Scotiabank in Toronto.
NEW YORK (Reuters) – The dollar cut its losses on Friday after better-than-expected U.S. jobs data for December left intact the case for the Federal Reserve to increase interest rates and give the greenback a further investment yield advantage.
Last month the U.S. economy created an additional 252,000 new non-farm jobs, the 11th straight month of payroll increases above 200,000, marking the longest stretch since 1994. Economists forecast a gain of 240,000 new jobs.