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USD consolidates near weekly lows before nonfarm payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US dollar traded steady near weekly lows against major peers in quiet markets heading into the nonfarm payrolls report.

    As it is usually the case, moves lack conviction as investors remain sidelined before the release, which could shed more light over the Federal Reserve's next move.

    EUR/USD hovers just below 1.1200 while USD/JPY consolidates below 117.00. GBP/USD has edged a tad higher after finding support at the 1.4505 zone. Commodity currencies are trading virtually flat on the day, while both gold and oil futures managed to advance slightly.

    The nonfarm payrolls report is expected to show the US economy added fewer jobs in January, with expectations around 190K down from 292K in December.

    The Federal Reserve has shown a cautious stance, and reiterated the path of future rates remains data dependent. With inflation still subdued, a soft jobs report could push away expectations of next rate hike.
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