Investing.com - The U.S. dollar traded higher against most of its major rivals during Monday’s Asian session following the release of marquee economic data points out of China and Japan, the world’s second- and third-largest economies, respectively.
In Asian trading Monday, EUR/USD inched down 0.04% to 1.3177.
GBP/USD nudged up 0.03% to 1.5636 after Recruitment and Employment Confederation (REC) and consultancy KPMG said data from their monthly index measuring permanent job placements fell to 61.3 last month from 63.3 in July. Readings above 50 indicate expansion.
The index for temporary job hiring hit 62.9 in August, its best showing since July 1998 and up from 61.5, Reuters reported. Elsewhere, British media outlets reported that Bank of England member Paul Fisher said regarding the country’s quantitative easing program: "I don't think the need to rebuild balance sheets has gone away. If forward guidance gives more confidence it may be we can hold off QE until it falters or something else happens."
The BoE has spent GBP375 billion on bond-buying activities.
USD/JPY jumped 0.59% to 99.70 after data from the Cabinet Office showed Japan’s second-quarter GDP increased 3.8%, well above the prior estimate of growth of 2.6%. It was the third consecutive quarter of economic growth for the world’s third-largest economy.
On Saturday, the International Olympic Committee announced Tokyo will host the 2020 Summer Games.
USD/CHF rose 0.10% to 0.9384 while USD/CAD inched down 0.05% to 1.0408. In U.S. economic news out last Friday, the U.S. Labor Department said employers in the world’s largest economy added 169,000 jobs last month, below the 180,000 new jobs analysts expected. The July reading was slashed to 104,000 new jobs added from the initial estimate of 162,000.
The unemployment rate ticked down to a four-and-a-half year low of 7.3% from 7.4% in July, but this was partially due to more people dropping out of the labor force.
AUD/USD nudged up 0.02% to 0.9193 after conservative Tony Abbott vanquished labor leader Kevin Rudd in the race to decide Australia’s next prime minister.
The Aussie also traded higher after China said August exports climbed 7.2% on the year in August, up from 5.1% in July and beating expectations for 5.5%. Imports rose 7%. China’s August trade surplus widened to $28.6 billion, from $17.8 billion. China is the second-largest oil consumer in the world.
Elsewhere, the National Bureau of Statistics of China said that Chinese CPI rose 0.5% last month after a 0.1% increase in July. Economists expected an August increase of 0.4%. The Statistics Bureau added that PPI for August rose to -1.6% from -2.3% in July. Analysts expected an August PPI reading of -1.8%.
Meanwhile, the Australian Bureau of Statistics said that Australian home loans rose 2.4% in August after 2.6% July jump. The July number was revised lower from an initial reading of growth of 2.7%. Analysts expected an August increase of 2%.
NZD/USD fell 0.37% to 0.7977 despite the strong Chinese data. Like Australia, New Zealand counts China as its largest export market. The U.S. Dollar Index rose 0.09% to 82.26.
In Asian trading Monday, EUR/USD inched down 0.04% to 1.3177.
GBP/USD nudged up 0.03% to 1.5636 after Recruitment and Employment Confederation (REC) and consultancy KPMG said data from their monthly index measuring permanent job placements fell to 61.3 last month from 63.3 in July. Readings above 50 indicate expansion.
The index for temporary job hiring hit 62.9 in August, its best showing since July 1998 and up from 61.5, Reuters reported. Elsewhere, British media outlets reported that Bank of England member Paul Fisher said regarding the country’s quantitative easing program: "I don't think the need to rebuild balance sheets has gone away. If forward guidance gives more confidence it may be we can hold off QE until it falters or something else happens."
The BoE has spent GBP375 billion on bond-buying activities.
USD/JPY jumped 0.59% to 99.70 after data from the Cabinet Office showed Japan’s second-quarter GDP increased 3.8%, well above the prior estimate of growth of 2.6%. It was the third consecutive quarter of economic growth for the world’s third-largest economy.
On Saturday, the International Olympic Committee announced Tokyo will host the 2020 Summer Games.
USD/CHF rose 0.10% to 0.9384 while USD/CAD inched down 0.05% to 1.0408. In U.S. economic news out last Friday, the U.S. Labor Department said employers in the world’s largest economy added 169,000 jobs last month, below the 180,000 new jobs analysts expected. The July reading was slashed to 104,000 new jobs added from the initial estimate of 162,000.
The unemployment rate ticked down to a four-and-a-half year low of 7.3% from 7.4% in July, but this was partially due to more people dropping out of the labor force.
AUD/USD nudged up 0.02% to 0.9193 after conservative Tony Abbott vanquished labor leader Kevin Rudd in the race to decide Australia’s next prime minister.
The Aussie also traded higher after China said August exports climbed 7.2% on the year in August, up from 5.1% in July and beating expectations for 5.5%. Imports rose 7%. China’s August trade surplus widened to $28.6 billion, from $17.8 billion. China is the second-largest oil consumer in the world.
Elsewhere, the National Bureau of Statistics of China said that Chinese CPI rose 0.5% last month after a 0.1% increase in July. Economists expected an August increase of 0.4%. The Statistics Bureau added that PPI for August rose to -1.6% from -2.3% in July. Analysts expected an August PPI reading of -1.8%.
Meanwhile, the Australian Bureau of Statistics said that Australian home loans rose 2.4% in August after 2.6% July jump. The July number was revised lower from an initial reading of growth of 2.7%. Analysts expected an August increase of 2%.
NZD/USD fell 0.37% to 0.7977 despite the strong Chinese data. Like Australia, New Zealand counts China as its largest export market. The U.S. Dollar Index rose 0.09% to 82.26.