Forex – Dollar Edges Higher With NFP Data On Tap

© Reuters. Dollar gains some gound ahead of U.S. jobs data – The dollar edged higher against other major currencies on Friday, as investors were eyeing the release of highly-anticipated U.S. employment data due later in the day.

The greenback came under pressure after the release of mixed U.S. economic reports on Thursday.

Payrolls processor ADP reported on Thursday that U.S. private employers added in December, well above economists’ expectations.

A separate report showed that U.S. jobless claims increased by 3,000 last week to , disappointing expectations for a 6,000 decline.

The U.S. dollar briefly recovered after Fed policymakers acknowledged, in the of the Federal Reserve’s December meeting released Wednesday, that the U.S. labor market and economic activity remain strong, despite persistently low inflation.

The minutes seemed to suggest that the central bank will continue to raise rates gradually but the pace could pick up if inflation rises.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.10% at 91.69 by 02:00 a.m. ET (06:00 GMT).

The euro and the pound were steady, with at 1.2058 and with at 1.3558.

The yen and the Swiss franc were lower, with rising 0.27% to 113.06 and with adding 0.17% to 0.9756.

Elsewhere, the Australian and New Zealand dollars were weaker, with down 0.31% at 0.7840 and with easing 0.08% to 0.7150.

Earlier Friday, the Australian Bureau of Statistics said that the country’s trade deficit widened to in November from A$302,000 in October, whose figure was revised from a previously estimated A$105,000.

Analysts had expected the trade deficit to widen to only A$550,000 in November.

Meanwhile, edged up 0.10% to 1.2502.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.