The dollar headed for a fourth weekly decline against the euro as investors weigh whether U.S. payrolls data due today will encourage the Federal Reserve to consider trimming stimulus as early as this month.
Europe’s shared currency held a gain from yesterday against most of its major peers after the region’s central bank refrained from easing policy. The yen pared its first weekly advance in six against the dollar after the head of an advisory panel said Japan’s Government Pension Investment Fund needs to cut bond holdings right away. The U.S. economy added 185,000 jobs last month, a Bloomberg News survey shows before today’s Labor Department report.
“If you get a number around 160,000 or below and no change in the unemployment rate, then you would see the U.S. dollar sell off quite sharply,” said Emma Lawson, a senior currency strategist at National Australia Bank Ltd. in Sydney. “The risks, in terms of market reaction, are more sensitive to the downside.”
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