Dollar Broadly Higher on Treasury Yields

The US Dollar was broadly higher as FX traders assessed the effects of a rout in global sovereign bonds that helped to boost yields on US Treasury instruments. Yields on 10-year notes touched a 7-year peak on hopes that today's release of US Labor data will mimic Thursday's upbeat labor figures on unemployment claims. Currently, analysts are predicting a decline in the private sector jobs figure, but a positive surprise is likely to benefit the Dollar's current momentum.

As reported at 11:01 am (JST) in Tokyo, the USD/JPY was trading at 113.935 Yen, up 0.27% and off the earlier peak of 114.101 Yen. The EUR/USD was trading at $1.1509, down 0.04% and mirroring the session low. The GBP/USD was trading lower at $1.3019, down 0.01%.

Canadian Labor Statistics Eyed

The US isn't the only nation with labor data due out; Statistics Canada is releasing the Net Change in Employment for September, with analysts forecasting 25K, well off the -51.6K figure in August. The Canadian Unemployment Rate is also likely to fall to 5.9%, analysts predict, down from the current 6.0%. The USD/CAD pair is trading at C$1.2926, up 0.02%; the pair has ranged from C$1.29160 to C$1.29280.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.