The U.S. dollar declined against the euro and the British pound as the traders expect that the release of the important employment data from U.S. will show the worst contraction since 2003 today.
After two days of falling against the Japanese yen, the U.S. currency is currently standing almost unchanged after losing somewhat during the Asian trading session. The bad reading of the October employment data may push Fed for another significant interest rate cut, probably reducing its value to 50 basis points.
The analysts and the investors express a lot of doubt about the U.S. macroeconomic fundamentals and the corporate statistics. The non-farm payrolls data release is in the main focus during todays currency trading.
According to the analysts estimate, the U.S. payrolls fell 200,000 in October and the unemployment rate rose to 6.3 percent. The report will be released today at 13:30 GMT. It will take a highly positive surprise from this report to shift the current intraday Forex trading trends.
EUR/USD rose from 1.2677 to 1.2822 as of 9:24 GMT today after two days of decline. GBP/USD went up from 1.5568 to 1.5732, while USD/JPY dropped slightly — from 97.45 to 97.39.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
Be First to Comment