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Dollar Flat as Safe-Haven Yen, Swiss Franc Inch Higher

12/12/2017, 10:49:27 AMTrading Strategies
Dollar Flat as Safe-Haven Yen, Swiss Franc Inch Higher

The dollar was mostly unchanged against a basket of major currencies on Monday after data showed US employers posted fewer job openings than expected in October, pointing to signs of possible weakness in the labor market.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.03% to 93.82.

The U.S. Labor Department's latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in October cooled to about 6 million, missing expectations of 6.03 million.

The subdued report comes as investors continued to mull over last Friday’s November nonfarm payrolls showing wage growth remained stagnant, despite an uptick in the number of jobs created.

Also weighing on the dollar was an uptick in the safe-haven currencies like the yen and Swiss franc after an explosion in New York weighed on risk sentiment.

USD/JPY fell 0.07% to Y113.40, while USD/CHF fell 0.25% to 0.9902.

The dollar has added to recent gains as sentiment on the greenback improved following data showing traders continued to reduce their bearish bets on the greenback.

US dollar large speculative net short fell 2,100 to 8,500 last week, according to the Commitment of Traders (CoT) CFTC report last week.

GBP/USD fell 0.27% to $1.3357, while EUR/USD rose 0.16% to $1.1793.

USD/CAD rose 0.07% to $1.2857 as the pair traded within a narrow range amid lighter trading volumes.