SYDNEY (Thomson Financial) – The US dollar was trading slightly weaker against major currencies late morning Wednesday, giving back some of its overnight gains on positioning ahead of Friday’s release of key non-farm payrolls data. The market is weighing the possibility of an Oct 31 rate cut by the Federal Reserve though stronger-than-expected job numbers for September would reduce chances of another downward move following last month’s surprise half a percentage point rate cut and give support to the currency. John Noonan, analyst at Thomson IFR, said the dollar corrected higher overnight despite weak home sales data for August which showed a 6. He said views that Euro zone officials will make the weak dollar an issue at the October 19 G7 meeting and whispers that the US payroll data on Friday might be better than expected should underpin the dollar until the job data is released. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more
[Tags]dollar, data, news, content, forbes, rate, forex news[/Tags]
Speak Your Mind