Poll: USD to Take Lead among G10 Currencies
The latest Reuters poll regarding the globe's major currencies suggest that the US Dollar will continue to be favored by FX traders overt he next several months. The Dollar is being driven higher by the ongoing trade war saga between Beijing and the US, which is being perpetuated by President Trump. Expectations that the Federal Reserve Bank's policy will continue the current trend will also help lift the greenback in the longer term, say currency strategists. Poll respondents say that economic data will take a back seat, except for knee-jerk responses to market moving activity.
As reported at 10:19 am (JST) in Tokyo, the USD/JPY was trading higher at 107.0490 Yen, a gain of 0.10109%; the pair has ranged from 107.917 Yen at the low end to 107.091 Yen at the high end. The GBP/USD is trading at $1.2325, down 0.0032%, while the EUR/USD is lower at $1.1034, a loss of 0.0018%.
Labor Data in Focus
Markets are anxiously awaiting the latest jobs data from the US Department of Labor. Analysts are predicting that the August numbers will show a decline to 158,000 new private sector jobs, down from 164,000 in July. The unemployment rate should remain steady at 3.7%. Average hourly earnings for July, on a year-over-year basis, are likely to have fallen to 3.1% from 3.2%. FX market players are hopeful that Thursday's ADP new jobs figures, which were higher than expected, could portend today's data.