The U.S. dollar has shown mixed performance against major currencies following the release of stronger-than-expected labor market data. As of January 10, 2025, the dollar rose against most currencies except the Japanese yen, which was the top performer due to robust earnings reports. The British pound reached a one-year low, while the euro declined despite positive industrial production and trade figures from Germany. The Australian dollar also hit a two-year low amid weak retail sales, and the Canadian dollar extended its downward trend ahead of upcoming job data. In the forex market, the British pound appreciated by 0.252% against the U.S. dollar, making it the strongest performer, while the Canadian dollar weakened by 0.108%. Analysts noted a significant drop in the euro, attributing it to modest short positions and the strong U.S. labor market data, with expectations of further downside for the euro as it approaches parity with the dollar.
Forexlive Americas FX news wrap 10 Jan: Strong US jobs sends the USD & yields higher. https://t.co/0iW07cHmFk
EURUSD moves lower after strong US jobs report. https://t.co/CZEuzEGHrA
Very large fall in the Euro on stronger-than-expected US labor market data. Statistically speaking, the upside surprise to payrolls is small, so the drop in the Euro is mostly underscoring that Euro shorts are modest. Lots more downside for the single currency. Parity is coming. https://t.co/Lr1a8ENpMG