- Asian session: The dollar headed
Market news
4 March 2011
Asian session: The dollar headed
The dollar headed for its first weekly gain versus the yen in three weeks before data forecast to show U.S. employers added the most jobs since May, providing evidence the world’s largest economy is gaining momentum.
The greenback strengthened for a fourth day against New Zealand’s dollar before a report economists say will show U.S. factory orders increased for a third month.
The yen rose versus the euro on speculation that Japan’s exporters bought the currency after it touched a four-month low.
Australia’s dollar fell to the lowest in five weeks against the euro on prospects the European Central Bank will raise interest rates faster than the Reserve Bank of Australia.
U.S. nonfarm payrolls increased by 196,000 in February, according to a survey of economists before today’s Labor Department report. The jobless rate may rise to 9.1 percent from 9 percent in January, a separate survey showed.
EUR/USD: the pair bargained in the field of the reached high.
GBP/USD: the pair bargained within the limits of $1,6260-$ 1,6290.
USD/JPY: the pair bargained within the limits of Y82,30-Y82,50.
The main event for Friday is of course, the US labor market data at 1330GMT, when non-farm payrolls are expected to rise 200,000 in February following the very modest 36,000 gain in January. Private payrolls are seen up 190,000. The unemployment rate is forecast to rise to 9.1% after two straight 0.4 point drops in December and January. Hourly earnings are expected to post a 0.2% rise following the 0.4% January gain, while the average workweek is forecast to rise to 34.3 hours in February. Also from the US, at 1500GMT, factory new orders are expected to jump 2.0% in January, as durable goods orders were already reported up 2.7%.
Also at 1500GMT, the Canadian Ivey Purchasing Managers Index for February is due.
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