The U.S. dollar held a climb ahead of today’s payrolls report, which is scheduled to be released at 12:30 UTC.
While the EUR/USD was little changed Thursday, remaining above 1.1840, we got a bearish break below 1.38 in the GBP/USD. As noted in previous analysis, next lower targets are seen at 1.37 in the cable and at 1.18 in the euro.
Today’s payrolls report will provide a key gauge of economic progress, helping to shape expectations of when the Federal Reserve might start tapering stimulus. A stronger June report could set the tone for a tapering announcement at one of the next FOMC meetings.
The Dollar may tend to strengthen ahead and around the release of NFP data but we bear in mind that low liquidity conditions during the summer months can lead to unbeneficial market situations. Traders should therefore not expect too much and pay attention to their risk assessment.
Have a good weekend.
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