Dollar Steady Ahead of Non-Farm Payrolls Report

 
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Geneva, CH -- (SBWIRE) -- 02/10/2014 -- After a significant drop earlier this week, the US Dollar traded slightly higher against all major currencies during early Friday’s session, lifted by lower US weekly jobless claims and ahead of the Non-farm Payrolls Report. During early Asian session, the USD was slightly up against JPY, GBP, EUR, CAD, CHF, AUD and NZD.

The US dollar received some boost from unemployment claims data which revealed that the number of individuals filing for assistance fell more than expected last week. The Labor Department said initial jobless claims fell by 20,000 to 331,000 from the previous week’s total of 351,000, beating expectation of a 16,000 drop.

A separate report earlier showed that the US trade deficit widened significantly in December, as exports dropped 2.2% and imports rose 1.6%. The data raised doubt over the pace of US economy recovery and the Fed’s decision to further cut its stimulus program in coming months.

Today, investors were turning their attention to the Nonfarm payrolls report for January.

Economic data for the rest of this week are as follows:

Friday: Eurozone Trade Balance; Swiss Retail Sales; Canada Unemployment Rate; US Non-farm Payrolls.

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