U.S. Dollar before U.S. Employment Report

The U.S. dollar struggled to make any headway early on Friday, still languishing near a three-week trough against a basket of major currencies as investors stayed on the sidelines ahead of a closely watched U.S. employment report.

The dollar index stood at 79.516, having fallen as far as 79.414, a low not seen since April 11. Investors had sold the greenback after data on Wednesday showed the U.S. economy stalled in the first quarter.

“We would expect confirmation of above 200,000 jobs growth to erase some of the concerns raised by the weak reading on Q1 GDP, and this should be consistent with some recovery in the dollar,” analysts at BNP Paribas wrote in a note to clients.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.