On Friday the US. dollar was supported by local data that showed U.S. job growth rebounded sharply in October. US Nonfarm Payroll report indicated the US economy added 250K new jobs in October, surpassing the 190K expected, although the September headline was downwardly revised to 118K from the previous estimate of 134K. We also saw the release of US Employment Report which indicated the unemployment rate remained steady at 3.7%, while average hourly earnings were up 3.1% YoY, above 3.0% for the first time in over nine years.
On the data front this week there are no scheduled releases on Monday. However on Tuesday we will see the US Mid-term Elections with the markets likely to be fully priced in a gridlock in the run up to the elections. Also this week we will see the Federal Reserve’s Monetary Policy Statement on Thursday with the official cash rate expected to remain steady at 2.25 percent.
From a technical perspective, the US. dollar is currently stronger against the Japanese Yen 113.17 (up 0.51%) and Euro 1.1389 (up 0.2%). However the Greenback fell against the Aussie dollar (0.7191) and New Zealand dollar (0.6635) on Friday as worries that a trade deal between the United States and China may not be imminent.