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Dollar holds steady with U.S. employment data on tap

Published 11/04/2016, 03:21 AM
© Reuters.  Dollar little changed near 3-week lows vs. rivals
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Investing.com - The dollar held steady against other major currencies on Friday, as investors remained cautious ahead of the release of key U.S. employment data due later in the day, as well as the U.S. presidential election next week.

EUR/USD was little changed at 1.1103, not far from Thursday’s three-and-a-half week high of 1.1128.

Investors were looking ahead to the U.S. nonfarm payrolls report due later in the day for further indications on the strength of the job market, after U.S. payroll processing firm ADP reported on Wednesday that non-farm private employment rose less than expected last month.

Meanwhile, investors remained cautious after the FBI said last Friday that it would review more emails related to Hillary Clinton's private email use while she was secretary of state.

The news sparked fresh uncertainty over Mrs. Clinton’s election prospects ahead of the November 8 vote, amid fears over the implications of a victory for Republican candidate Donald Trump.

GBP/USD was also steady at 1.2466, close to the previous session’s one-month peak of 1.2496.

The pound remained supported after the UK high court ruled on Thursday that the government does not have the authority to trigger Article 50 of the Lisbon Treaty to start the UK’s exit from the EU without a parliamentary vote.

In addition, the Bank of England voted to leave interest rates on hold at 0.25% on Thursday and also left the quantitative easing program unchanged at £425 billion.

USD/JPY rose 0.26% to 103.26, off Thursday’s one-month low of 102.54.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 97.24, just off Thursday’s three-week lows of 97.07.

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