Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Dollar index little changed ahead of U.S. jobs report

Published 12/02/2016, 05:25 AM
© Reuters.  Dollar holds steady vs. rivals with U.S. data in focus
EUR/USD
-
GBP/USD
-
USD/JPY
-
USD/CHF
-
AUD/USD
-
USD/CAD
-
NZD/USD
-
DX
-

Investing.com - The dollar was little changed against the other majors currencies on Friday, as investors remained cautious ahead of the release of U.S. jobs data later in the day and as optimism following the recent oil production cut deal began to fade

EUR/USD slipped 0.16% to 1.0641.

Sentiment on the greenback was fragile on Friay as market participants looked ahead to the upcoming U.S. nonfarm payrolls report for further indications on the strength of the job market.

The greenback had rallied on Wednesday after the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.

Expectations for higher oil prices added to U.S. inflation expectations, which have already been boosted by prospects for increased fiscal spending under the Trump administration.

However, traders also remained cautious amid concerns over the implementation of the deal under which OPEC members were joined by non-OPEC Russia for the first time in 15 years in announcing coordinated production cuts by a combined 1.5 million barrels per day.

Elsewhere, GBP/USD edged up 0.18% to trade at 1.2616, just off the previous session’s two-month peak of 1.2697.

Research group Markit reported on Friday that its U.K. construction purchasing managers’ index rose to a seven-month high of 52.8 this month from 52.6 in October, confounding expectations for a downtick to 52.2.

The pound had strengthened broadly on Thursday after British Brexit Minister David Davis indicated on Thursday that London would consider paying for access to European markets after Brexit.

USD/JPY slid 0.26% to 113.81, while USD/CHF added 0.10% to 1.0115.

The Australian dollar was stronger, with AUD/USD up 0.11% at 0.7424, while NZD/USD held steady at 0.7089.

Earlier Friday, the Australian Bureau of Statistics earlier reported that retail sales increased by 0.5% in October, beating expectations for an uptick of 0.3%.

Meanwhile, USD/CAD was little changed at 1.3303, close to a two-month low of 1.3287 hit earlier in the session.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 101.06, still close to recent 14-year highs of 102.12.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.