The dollar appreciated by 0.39% to 99.067, supported by stronger-than-expected economic data which include: NFP data, adding 225 thousand jobs in January compared to December’s 147 thousand (cons: 160 thousand); unemployment rate at 3.6% in January from 3.5% in December (cons: 3.5%); wages, rising 3.1% y-o-y from 3.0% y-o-y in December (cons: 3.0%); labour force participation rate was 63.4% from 63.2% in December; NFIB January business optimism index, up at 104.3 from 102.7 in December (cons: 103.4); and January’s inflation at 2.5% y-o-y from 2.3% y-o-y in December (cons: 2.4% y-o-y).
Separately, the Fed’s Powell in his testimony acknowledged the rising risk of coronavirus (Covid-19) while viewing the underlying strength of the US economy, added with a series of rate cuts last year, is appropriate to withstand the rising challenges on the external front.
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