Article by ForexTime
The US dollar was up during Asian trading on Monday despite disappointing US nonfarm payrolls data on Friday which further reduced the prospects of a June rate hike by the Federal Reserve. The US jobs report showed a mere 160,000 jobs were created in April, which was below economists’ expectations, and the previous months’ figures were revised lower. The unemployment rate held steady at 5 per cent. However, average hourly earnings rose by 0.3 per cent.
USDJPY rose 0.2 percent early on Monday to trade at 107.29 yen, continuing its recovery after it initially fell in reaction to the lacklustre jobs report on Friday.
EURUSD was down 0.1 percent at $1.1398 after after touching $1.1380, its lowest since April 29.
AUDUSD was little changed at $0.7373 after sliding more than 1 percent on Friday after the country’s central bank slashed its inflation forecasts.
Oil prices were higher in Asian trade as wildfires blazing across Canada’s top oil-producing province, Alberta, threaten to disrupt supply. Brent crude, the international benchmark, rose as much as 2.5 per cent during Monday trade in Asia to $46.68 a barrel. West Texas Intermediate, the US marker, gained as much as 2.9 per cent to $45.94.
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Markets mostly brushed off data out of China that was released over the weekend showing exports and imports declined in April, also coming in worse than economists’ expectations.
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