
U.S. jobs miss US dent dollar as forex traders
SINGAPORE (Reuters) – FX Signals – The dollar loitered around multi-week lows on Thursday, pressured by softer-than-expected U.S. labour data as traders awaited a fuller jobs report, which is expected to guide the timing of the Federal Reserve’s pullback in bond buying.
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The greenback was also dented by a rising euro, which had climbed to a one-month high of $1.1857 on Wednesday after a survey showed strong European manufacturing growth coupled with inflationary pressure from supply-chain snarls.
The euro touched its highest in a month at 130.44 yen on Wednesday and made a six-week peak of 86.02 pence. It has been further helped by hawkish comments from European Central Bank policymakers about their tapering plans.
Moves in the Asia session were slight as traders awaited Friday’s U.S. non-farm payrolls data, with the euro holding firm at $1.1828 and the yen at 110.00 per dollar.
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The Australian and New Zealand dollars hovered around the two-week peaks they made in the wake of Wednesday’s disappointing U.S. ADP payrolls numbers, which showed 374,000 hirings last month against a forecast for 613,000.
“A perceived tilt towards being less dovish by the ECB, and the miss in the ADP print damaged the attempt at a dollar bounce,” analysts at OCBC Bank in Singapore said in a note.
Dollar wounds after US jobs report
Sterling also edged higher on the softer dollar, but found the going heavy into resistance around $1.38. It last sat at $1.3774.
The Australian dollar showed little reaction to a record trade surplus and held at $0.7366, shy of its overnight top at $0.7384.
Ahead on Thursday are U.S. trade figures, U.S. jobless claim figures and Euro zone producer prices. However, the week’s major release is the U.S. non-farm payrolls data. Fed chair Jerome Powell said last week that the jobs recovery would determine the timing of the asset purchase tapering.
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U.S. jobs miss US dent dollar as forex traders
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U.S. jobs miss US dent dollar as forex traders
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U.S. jobs miss US dent dollar as forex traders
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