Asian Session – Dollar firm as focus turns to U.S. jobs data
August 2, 2013 6:09 am
The dollar remains stronger today after Thursday’s rally on U.S. manufacturing data, while all eyes are now on the all important nonfarm payrolls on Friday.
Expectations are that the Fed is most likely to start to taper monetary stimulus in September.
The greenback outperformed yesterday after U.S. ISM data rose more-than-expected in July, giving signs the American economy is recovering.
This comes on the back of strong ADP jobs data on Wednesday. If today’s nonfarm payrolls also come in strong, there will be a big upside to the dollar.
The Asian session on Friday saw little movement as most currency pairs consolidated while market players position ahead of the key data.
The euro remains at six-week lows after coming under pressure from comments by European Central Bank President Mario Draghi following a post ECB-meeting press conference on Thursday.
Draghi said that interest rates in the euro zone will remain low for an extended period. This accelerated the euro’s decline.
EURUSD is ranging between $1.3188 and $1.3222.
GBPUSD fell sharply on Thursday a high of $1.5241 down to $1.5109 in the U.S. session where it consolidated.
Yesterday the Bank of England announced it kept interest rates at a record low 0.50 percent and the asset purchase facility unchanged.
Against the yen, the dollar made gains of almost 2 percent, fuelled by the strong U.S. data yesterday and markets building expectations ahead of the nonfarm payrolls today.
USDJPY hit a high of 99.68 yen, the highest level in a week.
The dollar remains stronger today after Thursday’s rally on U.S. manufacturing data, while all eyes are now on the all important nonfarm payrolls on Friday.
Expectations are that the Fed is most likely to start to taper monetary stimulus in September.
The greenback outperformed yesterday after U.S. ISM data rose more-than-expected in July, giving signs the American economy is recovering.
This comes on the back of strong ADP jobs data on Wednesday. If today’s nonfarm payrolls also come in strong, there will be a big upside to the dollar.
The Asian session on Friday saw little movement as most currency pairs consolidated while market players position ahead of the key data.
The euro remains at six-week lows after coming under pressure from comments by European Central Bank President Mario Draghi following a post ECB-meeting press conference on Thursday.
Draghi said that interest rates in the euro zone will remain low for an extended period. This accelerated the euro’s decline.
EURUSD is ranging between $1.3188 and $1.3222.
GBPUSD fell sharply on Thursday a high of $1.5241 down to $1.5109 in the U.S. session where it consolidated.
Yesterday the Bank of England announced it kept interest rates at a record low 0.50 percent and the asset purchase facility unchanged.
Against the yen, the dollar made gains of almost 2 percent, fuelled by the strong U.S. data yesterday and markets building expectations ahead of the nonfarm payrolls today.
USDJPY hit a high of 99.68 yen, the highest level in a week.
Related Posts: