The US dollar was trading below opening level against some of its major counterparts today but managed to trim losses with help of positive outlook for the US labor market. The greenback retained gains versus the Great Britain pound.
The major negative event for the dollar today was the European Central Bank meeting that resulted in no change to monetary policy. While the initial impact of this factor subsided a bit, it still imposes significant pressure on the US currency. The negative report about factory orders was not helpful either.
As for positive factors for the greenback, the unexpected drop of jobless claims had a clear positive influence on the currency. The positive outlook for tomorrow’s non-farm payrolls to is another reason for dollar bulls to expect a bounce from the greenback.
EUR/USD rose from 1.2621 to 1.2667 as of 20:26 GMT today, reaching the high of 1.2699 intraday. USD/JPY declined from 108.90 to 108.01 before trading at 108.43. GBP/JPY went down from 1.6183 to 1.6145, retreating from the daily high of 1.6250.
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