The U.S. dollar traded in a tight range during Thursday’s Asian session as traders sit tight and wait for Friday’s nonfarm payroll reports which are expected to further support the expectation of a December rate hike. A Reuters poll of 100 economists showed an expectation of the addition of 175,000 new jobs in September, a solid growth compared to August’s addition of only 151,000 jobs. Positive data in the U.S. kept the dollar’s gains steady on Wednesday, with announcement of a 2.9 percent rise in mortgage applications and stronger-than-expected ISM non-manufacturing numbers.
The U.S. dollar traded at 103.42 against the yen, down a slight 0.1 percent, but still near its four-week high of 103.67. The pound continued its downward spiral, falling 0.3 percent to $1.2715, while the euro remained steady at $1.1201.
A Look at Oil and Gold
Oil prices advanced on Wednesday night to their highest prices since June, following an announcement by the Energy Information Administration that crude stockpiles fell by 3 million barrels last week, the fifth consecutive week of a decline in U.S. stockpiles. During Thursday’s Asian session U.S. crude futures fell to $49.50 per barrel, down 0.66 percent after gaining 2 percent overnight. Brent also erased overnight gains on Thursday, falling 0.62 percent to $51.54 per barrel, after an advance of 1.8 percent overnight.
Gold continued its losses on Thursday, hitting a 3.5 -month low of $1,262.2 per ounce. Silver also fell to $17.69, nearing lows not seen since late June.