Dollar Uncertain Versus Other Majors Friday Morning Ahead Of Jobs Data []
Friday, March 09, 2007 7:11:59 AM - The dollar saw choppy trading against the euro and pound Friday morning ahead of a slew of important economic data. Traders will look to Friday’s release of US jobs data for more clues on the interest rate outlook. Trade balance and nonfarm payroll figures will also be released.
After firming up a bit overnight against the euro, the dollar weakened Friday morning in New York to fall to Thursday evening’s level. The dollar rose to 1.314 overnight, but was lower at 1.3158 approaching mid-morning. On Thursday, European Central Bank lifted rates to a five-year high of 3.75 percent, as widely expected.
The dollar saw very choppy trading against the sterling early Friday in New York, climbing to 1.9267 before falling to 1.9320 nearing mid-morning. Data released Thursday morning showed lower-than-expected British industrial growth.
Nervous trading left the dollar little changed at 117.35 against the yen Friday morning in New York. Earlier, data showed a bigger-than-anticipated 3.9 percent rise in Japanese machinery orders in January from the previous month.