On Friday in early New York trading, the dollar weakened slightly, as cautious investors wait for U.S. non-farm payroll numbers to be released.
September number may show some improvement
It is anticipated by the economists that the September number would show some improvement, but a disappointment could trigger a flight to the safe-haven dollar. Payrolls data will be released at 8:30 a.m., EDT and the forecast is for a decline of 175,000 jobs, along with the unemployment rate that has been expected to uptick to 9.8% from 9.7% in August.
Yen gained against the Dollar and Euro
Overnight The yen gained against the dollar and higher-yielding euro as investors sought safety in the ultra-safe Japanese unit. Against the dollar the euro remained little changed.
According to EBS via CQG, early Friday, the euro was at $1.4538 from $1.4526 late Thursday. It has been noticed that the dollar was at Y89.35 from Y89.77. The euro was at Y129.92 from Y130.39. The U.K. pound was at $1.5857 from $1.5940, while the dollar was at CHF1.0396 from CHF1.0420.
Analysts said that a weaker-than-expected payrolls number could continue to put pressure on the euro.
BBH analysts said that the euro could be taken below $1.45 by a weak number, with the next key support around the $1.4440 level.
President of the World Bank statement about the Dollar
Meanwhile, it has been said by the president of the World Bank on Friday that the dollar should remain the world’s key reserve currency, but this thing is much dependent on how the U.S. authorities deal with the exit from the economic and financial crisis they are facing.
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Posted by R. MAK. in Currency Rates, Currency Trade, Economic Outlook, Forex Basics, Forex Market, Forex News, Forex trading, Markets · 0 Comment
