Investing.com - The dollar pushed broadly higher against the other major currencies on Friday, after the release of strong U.S. jobs data fuelled further speculation the Federal Reserve could soon begin tapering its stimulus program.
During European afternoon trade, the euro was lower against the dollar, with EUR/USD retreating 0.40% at 1.3366.
In a report, the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month.
The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations.
The strong data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month, after a report on Thursday showed that U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%.
Meanwhile, sentiment on the euro remained vulnerable after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and said euro zone borrowing costs will remain at their present or lower levels until conditions improve, indicating that further rate cuts are still possible.
The greenback was also higher against the pound, with GBP/USD down 0.47% at 1.6020.
Official data earlier showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which had been revised from a previously estimated deficit of GBP9.63 billion.
Analysts had expected the trade deficit to narrow to GBP9.20 billion in September.
The dollar was higher against the yen and the Swiss franc, with USD/JPY advancing 0.69% at 98.77, and with USD/CHF gaining 0.57% at 0.9209.
In Switzerland, official data showed that retail sales rose 1% in September from a year earlier, less than the expected 2.5% increase, after an upwardly revised 2.5% advance in August.
The dollar was broadly higher against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.36% at 1.0493, AUD/USD declining 0.66% at 0.9392 and NZD/USD sliding 0.29% at 0.8299.
Official data showed that the Canadian economy added 13,200 jobs in October, disappointing expectations for a 14,000 increase, after a 11,900 rise the previous month.
Canada's unemployment rate remained unchanged at 6.9% last month, confounding expectations for an uptick to 7.0%.
The Aussie came under pressure after the Reserve Bank of Australia forecast below-trend growth and rising unemployment in 2014, signalling the possibility for further rate cuts in the future.
The export-related currencies found some support after data earlier showed that China's exports rose 5.6% in October from a year earlier while imports increased 7.6%, resulting in a USD31.1 billion trade surplus.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.45% at 81.27.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index.
During European afternoon trade, the euro was lower against the dollar, with EUR/USD retreating 0.40% at 1.3366.
In a report, the Bureau of Labor Statistics said the U.S. economy added 204,000 jobs in October, beating expectations for a 125,000 increase, after an upwardly revised 163,000 rise the previous month.
The U.S. unemployment rate ticked up to 7.3% last month, from 7.2% in September, in line with expectations.
The strong data added to expectations that the Fed could begin scaling back its asset purchase program as soon as next month, after a report on Thursday showed that U.S. gross domestic product grew at a seasonally adjusted annual rate of 2.8% in the three months to September, beating expectations for growth of 2%.
Meanwhile, sentiment on the euro remained vulnerable after European Central Bank President Mario Draghi confirmed on Thursday that the bank cut its benchmark interest rate to a record low 0.25% from 0.5% and said euro zone borrowing costs will remain at their present or lower levels until conditions improve, indicating that further rate cuts are still possible.
The greenback was also higher against the pound, with GBP/USD down 0.47% at 1.6020.
Official data earlier showed that the U.K. trade deficit widened to GBP9.82 billion in September, from GBP9.56 billion the previous month, which had been revised from a previously estimated deficit of GBP9.63 billion.
Analysts had expected the trade deficit to narrow to GBP9.20 billion in September.
The dollar was higher against the yen and the Swiss franc, with USD/JPY advancing 0.69% at 98.77, and with USD/CHF gaining 0.57% at 0.9209.
In Switzerland, official data showed that retail sales rose 1% in September from a year earlier, less than the expected 2.5% increase, after an upwardly revised 2.5% advance in August.
The dollar was broadly higher against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.36% at 1.0493, AUD/USD declining 0.66% at 0.9392 and NZD/USD sliding 0.29% at 0.8299.
Official data showed that the Canadian economy added 13,200 jobs in October, disappointing expectations for a 14,000 increase, after a 11,900 rise the previous month.
Canada's unemployment rate remained unchanged at 6.9% last month, confounding expectations for an uptick to 7.0%.
The Aussie came under pressure after the Reserve Bank of Australia forecast below-trend growth and rising unemployment in 2014, signalling the possibility for further rate cuts in the future.
The export-related currencies found some support after data earlier showed that China's exports rose 5.6% in October from a year earlier while imports increased 7.6%, resulting in a USD31.1 billion trade surplus.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.45% at 81.27.
Later in the day, the University of Michigan was to release the preliminary reading of its consumer sentiment index.