This article is originally referred from Traders Trust - Daily Afternoon Report.
The dollar held steady against the other major currencies on Friday, after the release of mixed U.S. employment data, although overall optimism over the strength of the economy continued to support the greenback near multi-year highs.
EUR/USD was little changed at 1.0656.
The U.S. Labor Department said the economy added 178,000 jobs in November, beating expectations for an increase of 175,000.
However, the number of jobs created in October was revised down to 142,000 from a previously estimated 161,000 gain.
The unemployment rate fell to 4.6% in November from 4.9% the previous month, confounding expectations for an unchanged reading.
Meanwhile, average hourly earnings slipped 0.1% this month, compared to expectations for a 0.2% rise and after an increase of 0.4% in October.
The greenback had rallied on Wednesday after the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.
Expectations for higher oil prices added to U.S. inflation expectations, which have already been boosted by prospects for increased fiscal spending under the Trump administration.
However, traders also remained cautious amid concerns over the implementation of the deal under which OPEC members were joined by non-OPEC Russia for the first time in 15 yearsin announcing coordinated production cuts by a combined 1.5 million barrels per day.
Elsewhere, GBP/USD gained 0.35% to trade at 1.2634, just off the previous session’s two-month peak of 1.2697.
Research group Markit reported on Friday that its U.K. construction purchasing managers’ index rose to a seven-month high of 52.8 this month from 52.6 in October, confounding expectations for a downtick to 52.2.
USD/JPY fell 0.20% to 113.85, while USD/CHF eased 0.09% to 1.0096.
The Australian and New Zealand dollars were stronger, with AUD/USD up 0.18% at 0.7428 and with NZD/USD rising 0.25% to 0.7109.
Meanwhile, USD/CAD was little changed at 1.3303, close to a two-month low of 1.3287 hit earlier in the session.
In Canada, official data showed that the number of employed people increased by 10,700 in November, beating expectations for a decline of 20,000 and after a 43,900 jump the previous month.
Canada’s unemployment rate slipped to 6.8% this month from 7.0% in October, compared to expectations for an unchanged reading.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 100.98, still close to recent 14-year highs of 102.12.
Original Source: Traders Trust - Daily Afternoon Report