US Dollar Opens on Down Note

The US dollar fell to both the euro and the yen as trading began on Monday morning. Trading was somewhat muted as investors waited for the latest Institute of Supply Management (ISM) report results, and all eyes are looking ahead to Friday’s Non-Farm Payroll update.

“Today we will see the publication of December’s ISM index for the manufacturing sector, which is likely to display a moderate rise thus supporting the dollar,” said Commerzbank analyst Antje Praefcke.

“Market attention will however concentrate on November’s labour market report on Friday.

“Should this provide a negative surprise the dollar is likely to come under increasing pressure. Today markets are likely to be relatively calm though, with euro/dollar losing some ground if the ISM index is strong.”

AFP

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