Greenback pushes barely greater vs. different majors

© Reuters. Dollar extends gains vs. rivals in quiet trade

Investing.com – The dollar pushed slightly higher against the other major currencies in quiet trade on Monday, still supported by Friday’s strong U.S. employment report, while concerns over turmoil in China persisted.

edged up 0.11% to 117.57, after falling to lows of 116.68 overnight, the weakest since August 24.

The yen weakened after China’s central bank moved to support the yuan, but another steep drop in Chinese shares overnight added to fears over the outlook for the world’s second largest economy.

Earlier Monday, the People’s Bank of China set the daily midpoint rate for the yuan higher against the dollar. It was the second day the bank guided the yuan stronger, following eight days of weaker guidance.

The move alleviated concerns over weakness in China’s currency, but shares in China tumbled 5% overnight after the latest inflation figures added to concerns over its economy.

slid 0.57% to 1.0864, off Friday’s lows of 1.0801.

The greenback remained supported after the Labor Department reported on Friday that 292,000 jobs last month, after increasing an upwardly revised 252,000 in November. Economists had forecast payrolls to rise by 200,000.

The held steady at a seven-and-a-half year low of 5% in December.

The report bolstered expectations that the Federal Reserve could raise interest rates at a faster pace this year. Higher U.S. interest rates would make the dollar more attractive to yield-seeking investors.

Elsewhere, the dollar was lower against the pound, with up 0.14% at 1.4544 but was higher against the Swiss franc, with climbing 0.51% to 0.9999.

The Australian and New Zealand dollars were stronger, with up 0.83% at 0.7010 and with adding 0.26% to 0.6561.

Meanwhile, slipped 0.17% to trade at 1.4149, still close to last week’s 12-1/2 year peak of 1.4171.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.35% at 98.80.

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Greenback pushes barely greater vs. different majors