Dollar pinned near three-week low

TOKYO (Reuters) – Daily Forex Signals -The dollar traded near its lowest point in nearly three weeks versus major peers on Wednesday, with investors focused on a key U.S. jobs report due on Friday for clues on when the Federal Reserve might begin paring stimulus.

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The dollar index, which measures the greenback against six rivals, edged higher to 92.777 from Tuesday, when it dipped as low as 92.395 for the first time since Aug. 6.

The U.S. currency was about 0.1% stronger at $1.18015 per euro, after touching the weakest since Aug. 5 at $1.1845 in the previous session.

Dollar Edges Off Three Week Lows

“The USD uptrend is over for the time being at least,” after Federal Reserve Chair Jerome Powell successfully separated the debate over taper timing from any decisions about higher interest rates, Ray Attrill, head of foreign exchange strategy at National Australia Bank (OTC:NABZY) in Sydney, wrote in a client note.

“Positive price action” in the Australian and New Zealand dollars since their Aug. 20 lows suggests “a base has now been formed,” he said.

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Pound Skids to Three-Week Low

Last Friday, Fed Chair Jerome Powell acknowledged in his speech at the Jackson Hole conference that tapering could begin this year, but added the central bank is in no hurry to raise interest rates.

“Powell’s speech didn’t really provide any new information, which leaves the market waiting for nonfarm payrolls this week,” with the dollar lacking any real direction, said Shinichiro Kadota, senior currency strategist at Barclays (LON:BARC) in Tokyo.

Dollar slips to three-week low

“The market is expecting solid employment growth to have continued in August, which should help the Fed to further the discussion on tapering,” boosting the dollar, he said.

Dollar pinned near three-week low

Pound to Snap 3-Week Win

Dollar pinned near three-week low

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Dollar pinned down by lower

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