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Dollar little changed vs. rivals, eyes on NFP report

Published 11/04/2016, 06:39 AM
© Reuters.  Dollar holds steady ahead of U.S. employment data
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Investing.com - The dollar was little changed against the other majors currencies on Friday, as investors awaited the release of key U.S. jobs data later in the day and remained cautious ahead of next week’s presidential election.

EUR/USD eased 0.08% to 1.1096, 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.

Eslewhere, GBP/USD edged up 0.18% to 1.2484, 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 held steady at 102.96, off Thursday’s one-month low of 102.54, while USD/CHF was little changed at 0.9736.

The Australian dollar was steady, with AUD/USD at 0.7681, while NZD/USD shed 0.22% to 0.7316.

Earlier Friday, the Australian Bureau of Statistics said that retail sales rose 0.6% in September, beating expectations for a 0.4% gain. Retail sales increased by 0.5% in August, whose figure was revised from a previously estimated 0.4% uptick.

Meanwhile, USD/CAD added 0.12% to trade at 1.3412.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.21, just off Thursday’s three-week lows of 97.07.

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