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

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.