Search

U.S. jobs miss dents dollar as traders wait on payrolls - Reuters

jarangoyange.blogspot.com

SINGAPORE (Reuters) - 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.

FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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.

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.

“The ADP miss puts more focus on Friday’s NFP, but note that the ADP has not been a consistent early indicator.”

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.

The New Zealand dollar was supported above $0.70, last buying $0.7064, as traders’ firmed bets on rate hikes in New Zealand in October and November. [NZD/]

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.

The dollar has been on the back foot since even before then as doubts about the tapering timeline crept in. The dollar index was steady at 92.517 on Thursday after falling to a four-week low of 92.376 overnight. It has lost almost 1.4% since it hit a nine-month high about two weeks ago.

The median payrolls forecast of 80 economists polled by Reuters is for 728,000 jobs to have been created in August, though as with previous months the forecast range varies enormously and stretches from 375,000 to over a million.

“Given the dollar flow, one could argue that the market is now positioned for NFPs to come in modestly below expectations – perhaps in the 550k/600k range,” said Chris Weston, head of research at broker Pepperstone in Melbourne. “But that is just my guesstimate. Economists’ ability to forecast payrolls is low.”

========================================================

Currency bid prices at 0416 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.1837 $1.1840 -0.02% -3.11% +1.1846 +1.1837

Dollar/Yen

110.0000 110.0200 -0.05% +6.46% +110.1100 +109.9150

Euro/Yen

130.20 130.26 -0.05% +2.58% +130.4000 +130.1700

Dollar/Swiss

0.9156 0.9158 -0.02% +3.49% +0.9157 +0.9151

Sterling/Dollar

1.3773 1.3768 +0.05% +0.83% +1.3780 +1.3768

Dollar/Canadian

1.2627 1.2618 +0.06% -0.85% +1.2637 +1.2617

Aussie/Dollar

0.7365 0.7369 -0.03% -4.24% +0.7373 +0.7356

NZ

Dollar/Dollar 0.7064 0.7070 -0.06% -1.61% +0.7072 +0.7058

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

Reporting by Tom Westbrook; Editing by Sam Holmes and Kim Coghill

Adblock test (Why?)



"wait" - Google News
September 02, 2021 at 08:00AM
https://ift.tt/3jzvVHI

U.S. jobs miss dents dollar as traders wait on payrolls - Reuters
"wait" - Google News
https://ift.tt/35qAU4J
https://ift.tt/2Ssyayj

Bagikan Berita Ini

0 Response to "U.S. jobs miss dents dollar as traders wait on payrolls - Reuters"

Post a Comment


Powered by Blogger.