U.S. Dollar Pops on Stronger February Payroll Numbers
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Traders are watching the the U.S. dollar heading higher today following stronger than expected nonfarm payroll additions.
According to data out of the U.S. Labor Bureau, the U.S. added 236,000 jobs in February, versus expectations for additions of just 165,000 jobs. The unemployment rate fell to 7.7 percent as well, down 0.2 points from the prior reading.
The uptick in economic data might send a signal to the Fed to end its bond buying program earlier than anticipated. The end of quantitative easing should boost the U.S. dollar as there would be less dilutive activity.
The euro is down 0.62 percent to $1.3029.
Traders are keeping an eye on the PowerShares DB US Dollar Index Bullish (NYSE: UUP) ETF, as well as its peer PowerShares DB US Dollar Index Bearish (NYSE: UDN), not to mention other currency ETFs.
According to data out of the U.S. Labor Bureau, the U.S. added 236,000 jobs in February, versus expectations for additions of just 165,000 jobs. The unemployment rate fell to 7.7 percent as well, down 0.2 points from the prior reading.
The uptick in economic data might send a signal to the Fed to end its bond buying program earlier than anticipated. The end of quantitative easing should boost the U.S. dollar as there would be less dilutive activity.
The euro is down 0.62 percent to $1.3029.
Traders are keeping an eye on the PowerShares DB US Dollar Index Bullish (NYSE: UUP) ETF, as well as its peer PowerShares DB US Dollar Index Bearish (NYSE: UDN), not to mention other currency ETFs.
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