Forex traders in pre-payrolls standoff

Posted by Forexsq 1148 days ago (
img forexsq - The U.S. dollar was little changed versus major rivals in thin trade Friday, with euro bulls and bears fighting to a standstill ahead of potentially market-moving September nonfarm payrolls data.

The ICE dollar index , which measures the U.S. unit against a basket of six major rivals, edged up to 79.390 from 79.376 in North American trade late Thursday.

The euro fetched $1.3007, little changed from $1.3015. The British pound traded at $1.6178 versus $1.6188 on Thursday.

With the currency pair “flatlining during the Asia session this just adds to the air of nervousness ahead of the U.S. employment report later today. As always, this release brings the potential for volatility,” Smith said.

Five of the past six releases have come in softer than expected, which has tended to push the dollar lower, he said.

The Labor Department will release the data at 8:30 a.m. Eastern time. Economists surveyed by MarketWatch predict the U.S. economy gained 110,000 jobs last month, while the unemployment rate is expected to tick up to 8.2% from 8.1%. forex

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