Ahead of today’s release of key labor data for the U.S., the greenback struggled broadly and the U.S. Dollar Index remained close to a 3-week low as FX traders keep to the sidelines. Even improved economic data, including higher consumer spending and accelerated factory activity failed to provide any major boost to the greenback. Analysts polled believe that the non-farms report will show that 210,000 new jobs were added in April, however they also believe that it will take a significant upside surprise to lift the greenback out of the doldrums and into a bullish momentum.
As reported at 11:27 a.m. (JST) in Tokyo, the U.S. Dollar Index was trading at 79.516 .DXY, recovering slightly from April’s low of 79.414. DXY. The USD/JPY pair only edged slightly higher to 102.28 Yen, remaining very near to the weekly low of 102.02 Yen. Meanwhile the EUR/USD traded at $1.3868, just off a 3-week high.
Pound Sterling Lifted on Data
The Pound Sterling had hit a 5-year peak against the greenback on Thursday following an unexpected and welcome improvement in economic data from the U.K. which included a surge last month in manufacturing and higher home prices. Although momentum eased back for the GBP/USD the pair was still 0.1% higher at $1.6892 in Asian trade.