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Forex: Friday’s review
On Friday the dollar advanced to a six-month high against the yen after the last jobs report before next week’s election showed hiring in the U.S. increased more than forecast. A net 171,000 workers were added to payrolls in October after a 148,000 gain the prior month that was more than first estimated, Labor Department figures showed in Washington. The median forecast of economists called for an advance of 125,000. The jobless rate rose to 7.9 percent from 7.8 percent as more people entered the labor force.
The U.S. currency strengthened to a three-week high against the euro amid confirmation that the euro-zone’s manufacturing sector contracted in October.
Japan’s currency headed for a third weekly decline against the dollar as economic weakness and disappointing corporate earnings spurred speculation the Bank of Japan will expand monetary stimulus.
The pound was down for the day against the dollar, and could not make a difference, even after a report showed that the index of business activity in the construction sector has exceeded the level of 50 in October and was 50.9, while analysts expected a drop in the index to the level of 49, 1 from 49.5 in September. Once the data released by the U.S., the pound continued to fall, but at a faster pace.
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