Strong US jobs data supports dollar as market looks to US-China trade deal

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US nonfarm payrolls increased by 266,000 jobs last month, biggest gain in 10 months. FMTNews US Market

TOKYO: The dollar held firm on Monday after data showed surprise strength in the US jobs market, but the currency was restrained from moving higher by worries about an escalation in the US-China trade war.

US nonfarm payrolls increased by 266,000 jobs last month, the biggest gain in 10 months, while the unemployment rate ticked back down to 3.5%, its lowest level in nearly half a century. Still, investors think that could change if trade tensions escalate further, especially if Trump goes ahead with planned tariffs on some US$156 billion worth products from China from Dec 15.

“Markets are sensing that both sides want to avoid a collapse of their negotiation, judging from various news headlines,” said Kazushige Kaida, chief of forex at State Street.Top White House economic adviser Larry Kudlow confirmed on Friday that the Dec 15 deadline to impose the new tariffs remains in place but added that President Donald Trump likes where trade talks with China are going.

 

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