US Dollar firm as markets await US jobs report

October 22, 2013

The US dollar is the currency in focus today as attention shifts to the much-awaited US jobs data.

The Asian session was relatively quiet and major pairs consolidated as investors wait in the sidelines for the delayed September nonfarm payrolls report which was due on October 4. The US government shutdown caused the late release.

The unemployment report will be closely watched since it gives a good picture of the health of the US economy.

An improvement in the labour market will lead to expectations that the Federal Reserve will begin to taper sooner.

Forecasts are for an increase in the NFP figure but if the data disappoint the dollar is expected to fall sharply.

During the Asian session, the greenback held firm, gaining slightly versus the euro to end the session at $1.3670.

Dollar extended gains against the yen, climbing to a high of 98.35 and up 0.1 percent.

Against sterling, dollar ended at 1.6130.

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