U.S. Dollar Steady Before Jobs Data

Dollar bulls took a breather on Friday ahead of a closely watched jobs report that has the potential to make or break a rally that saw the greenback post its best monthly performance in over a year.

The dollar index was steady at 81.479, having risen 2.1 percent in July to a 10-1/2 month peak of 81.573.  Against the yen, the dollar edged up 0.1 percent to 102.89 yen but stayed below a four-month high of 103.15 yen struck on Wednesday.

The question now is whether this is the beginning of a lasting uptrend, one that has frustrated dollar bulls for much of this year, or another false start.  The U.S. jobs report due at 1230 GMT could provide a clue. A Reuters survey of economists showed payrolls probably increased by 233,000 in July.

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.