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Monday November 10, 2014 - 00:51:29 GMT
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FOREX-Dollar rally loses steam post-payrolls, China inflation next

5:50pm EST

* Dollar index opens lower in Asia, bulls disappointed by payrolls

* U.S. nonfarm payrolls up 214,000 vs 231,000 forecast

* China inflation data next in focus

By Ian Chua

SYDNEY, Nov 10 (Reuters) - The dollar hovered below a four-year peak on Monday, having lost a bit of altitude late last week after U.S. jobs data fell short of expectations, prompting some investors to take profits on extremely long positions.

The dollar index eased 0.2 percent to 87.513, following a 0.4 percent fall on Friday as it retreated from 88.190 - a high not seen since June 2010.

"It was a position-driven reaction. Essentially, the employment picture looks good but is likely not great enough to change the Fed's course," CitiFX analysts wrote in a note to clients.

U.S. employers added 214,000 new jobs to their payrolls last month, missing forecasts for 231,000. Details of the report were solid with the unemployment rate dipping to a fresh six-year low of 5.8 percent even as more people entered the work force.

Yet, the data prompted big falls in U.S. Treasury yields, with the two-year sliding to 0.503 percent from a one-month high of 0.567 percent.

That in turn undermined the dollar, which slid to 114.45 yen from a seven-year high of 115.60. The euro bounced to$1.2463 from a two-year trough of $1.2358.

The data offered fresh evidence the U.S. economy was outperforming Europe and Japan and highlighted the diverging policy outlooks between the Federal Reserve and the European Central Bank and Bank of Japan.

That has supported a four-month long rally in the dollar, although Friday's reaction suggested investors were starting to turn a bit cautious and looking for more reasons to put on fresh bullish trades.

Commodity currencies were also given a bit of reprieve, with the Australian dollar popping back above 86 U.S. cents from a four-year low of $0.8540.

Also helping underpin commodity currencies, data out of China on Saturday showed export growth did not slow as much as feared.

"Overall, the data painted a similar macro picture as in previous months: robust export growth led by the U.S. and ASEAN demand, and depressed imports driven by falling commodity prices and soft domestic demand," said Jian Chang, analyst at Barclays.

Inflation data due at 0130 GMT is the next focus for many investors in Asia. China's annual inflation is seen running at 1.6 percent in October, steady from the previous month, but way below the official target of 3.5 percent. (Editing by Chris Reese)

Thomson Reuters 2014. All rights reserved.


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