The U.S. Dollar is up and roaring against the major currency blocks such as the Euro and the Great British Pound. However, the greenback maintained its south trajectory against the Japanese Yen.
EUR/USD slipped by as much as 0.54% to 1.0946 after data released in Germany indicated that the factory orders in the country dipped during the previous month. It is to be noted that the German factory orders dropped 0.1% month-on-month, continuing its downward momentum from a 0.2% fall in December. The orders were seen affected by the shrinking domestic demand, which fell by a whopping 1.6% during the month.
Following the release of this data, the market participants will closely follow the commentary from the European Central Bank, which is set to act on the monetary policy on Thursday. There are strong expectations that the bank will announce more stimulus measures to support the Euro economy.
Meanwhile, the market seemed to be settling with the jobs data released in the U.S. last week, which showed mixed development. According to reports, new jobs rose 242,000 in February while the unemployment rate did not budge from its eight-year low of 4.9%. At the same time, the average hourly earnings in the U.S. fell 0.1% in February versus the rise of 0.5% registered in January.
The mixed employment data signalled that the consumer inflation would show muted growth in the coming months. The data remains crucial for both the markets and the Fed, which will decide its policy course based on it.
The greenback traded 0.13% lower against the Yen at 113.61 during the late Asian hours. The U.S. Dollar pushed higher against the British Pound at 1.4158, higher by 0.48%. The Dollar maintained its upward momentum against the Swiss Franc as USD/CHF traded up by 0.62% to 0.9990.
Overall, the U.S. Dollar index was up by 0.37% to $97.61 today, which underlines its strength against the major currencies.