Dollar snaps two-week losing streak as hedge funds grow bullish
Monday, 4 February 2019 16:15 WIB | CURRENCIES |

The dollar edged higher on Monday, breaking a two-week losing streak as strong U.S. jobs data propped up the greenback in a market broadly cautious on the outlook for risky assets.

With much of Asia out on holidays this week, the dollar also took heart from the recently concluded trade talks between China and the United States with the dollar set for its biggest two-day rising streak against the yuan in a year.

A U.S. Labor Department report on Friday showed nonfarm payrolls jumped by a 304,000 jobs last month, exceeding forecasts and the largest gain since February 2018. ISM manufacturing activity numbers for January were also better than expected, pointing to underlying strength in the world™s biggest economy.

Against a basket of its rivals, the dollar edged 0.1 percent higher at 95.70 after posting two consecutive weeks of declines.

In broader moves, currency markets stayed in tight ranges in early Asian trade, with the euro trading flat at $1.1455.

Sterling was broadly flat at $1.3073 in early Asian trade with traders expecting the pound to remain volatile as Brexit uncertainty remained high.

Source: Reuters

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