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05 Feb

U.S dollar managed losses as payrolls report brews:

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The greenback was steady in Asian commercialism on weekday however remained on the right track for weekly losses, as investors braced for U.S. employment figures later within the session for the newest clues on the outlook for the Federal Reserve's financial modification path.
 
The U.S dollar wallowed close to a two-week low against the yen, having erased its upward spike triggered a week ago by the Bank of Japan's move to adopt negative interest rates.
 
The key nonfarm payrolls report is expected to show that employers added 190,000 jobs in January, according to the median estimate of 108 economists.
 
But figures released Thursday showed the number of Americans filing for unemployment benefits rose more than expected last week, suggesting labour conditions could be weaker than many believe.
 
The charts suggest the short dollar/yen trade is still the advantageous trend trade, but with the non-farm payrolls tonight this data point may give a better entry point to sell strength in dollar/yen.
 
Recently weak U.S. economic data, as well as dovish comments from New York Federal Reserve President William Dudley, have led investors to pare bets on a steady pace of Fed rate increases. Fed funds futures contracts on Thursday suggested traderswere pricing in just a 10 percent probability of a Fed rate hikenext month and a 41 percent chance by the end of the year,according to CME FedWatch.
 
The dollar stood at 116.73 yen JPY=, flat from late North American trade but not far from Thursday's two-week low of 116.525 yen and poised for a weekly loss of around 3 percent.
 
The euro edged down around 0.1 percent to $1.1198 EUR= after surging 1 percent overnight to $1.12390, its loftiest peak since October. The single currency was up about 3.4 percent for the week.
 
The dollar index, which tracks the U.S. unit against abasket of six major currencies, rose about 0.1 percent to 96.563 .DXY after dropping as low as 96.259 on Thursday, its lowest since October.
 
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