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Dollar index little changed ahead of U.S. jobs report

Published 12/02/2016, 05:25 AM
Updated 12/02/2016, 05:25 AM
© Reuters.  Dollar holds steady vs. rivals with U.S. data in focus

© Reuters. Dollar holds steady vs. rivals with U.S. data in focus

Investing.com - The dollar was little changed against the other majors currencies on Friday, as investors remained cautious ahead of the release of U.S. jobs data later in the day and as optimism following the recent oil production cut deal began to fade

EUR/USD slipped 0.16% to 1.0641.

Sentiment on the greenback was fragile on Friay as market participants looked ahead to the upcoming U.S. nonfarm payrolls report for further indications on the strength of the job market.

The greenback had rallied on Wednesday after the Organization of the Petroleum Exporting Countries reached an agreement on an oil output cut aimed at tackling global oversupply and shoring up prices.

Expectations for higher oil prices added to U.S. inflation expectations, which have already been boosted by prospects for increased fiscal spending under the Trump administration.

However, traders also remained cautious amid concerns over the implementation of the deal under which OPEC members were joined by non-OPEC Russia for the first time in 15 years in announcing coordinated production cuts by a combined 1.5 million barrels per day.

Elsewhere, GBP/USD edged up 0.18% to trade at 1.2616, just off the previous session’s two-month peak of 1.2697.

Research group Markit reported on Friday that its U.K. construction purchasing managers’ index rose to a seven-month high of 52.8 this month from 52.6 in October, confounding expectations for a downtick to 52.2.

The pound had strengthened broadly on Thursday after British Brexit Minister David Davis indicated on Thursday that London would consider paying for access to European markets after Brexit.

USD/JPY slid 0.26% to 113.81, while USD/CHF added 0.10% to 1.0115.

The Australian dollar was stronger, with AUD/USD up 0.11% at 0.7424, while NZD/USD held steady at 0.7089.

Earlier Friday, the Australian Bureau of Statistics earlier reported that retail sales increased by 0.5% in October, beating expectations for an uptick of 0.3%.

Meanwhile, USD/CAD was little changed at 1.3303, close to a two-month low of 1.3287 hit earlier in the session.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 101.06, still close to recent 14-year highs of 102.12.

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