Dollar rises against euro on data from US labor market

According to the trading data, the dollar on Friday evening slightly strengthens its growth against the euro after the release of data on unemployment in the US.

Report informs, citing Prime, that as of 06.30 pm (Baku time), the euro rate was falling to USD 1.1753 from the previous closing level of USD 1.1775 per euro. Before the statistics were released, the indicator was at USD 1.1768. Against the yen, the dollar rose to 110.73 yen from the previous close of 110.6 yen. The dollar index (the dollar's exchange rate against a basket of currencies of six countries - the leading trade partners of the United States) grew by 0.11%, to 93.03 points.

The foreign exchange market dynamics remain weak, as most of the world's stock and commodity exchanges are closed in connection with Good Friday.

Foreign exchange investors reacted to the data on the US labor market. Thus, in March, unemployment in the country fell to 6% from the February level of 6.2%, which was in line with the analysts' expectations. Meanwhile, the number of people employed in non-agricultural economic sectors increased by 916,000, topping forecasts.

Pantheon analyst Ian Shepherdson believes that the US economy is recovering faster than other countries and may soon see a "post-COVID world," which positively affects the dynamics of the dollar.

Until the rest of the world catches up with the United States, this should remain a positive factor for the dollar, the analyst said.