Dollar Holding Ground Ahead Of Jobless Claims
The dollar was steady Thursday morning in New York, as traders braced for a slew of economic data including the government's latest figures on initial jobless claims.
This morning's weekly claims data is a key prelude to Friday's pivotal monthly employment report.
The dollar has been pressured by the major European currencies over the past few weeks, as the specter of inflation raised the likelihood of interest rate hikes from the European Central Bank andBank of England.
This as the U.S. Federal Reserve remains focused on boosting employment and propping up the broader economy with record low interest rates and massive bond purchases.
The dollar was slightly higher versus the euro in early dealing, holding at $1.3746 compared to this week's 3-month low near $1.3860.
The dollar was holding its ground against the sterling near $1.62. A move to $1.63 would take the buckto its lowest in 13 months.
There was little changes seen against the yen, as the dollar wobbled near Y81.80. In November, thedollar hit a 15-year low of 80.22 and his since struggled to recover.
Looking at today's economic calendar from the U.S., the Labor Department will release its customary jobless claims report for the week ended January 30th at 8:30 a.m. ET. Economists expect a decline in claims to 425,000..
The Labor Department is also scheduled to release its preliminary fourth quarter non-farm productivity and unit labor costs at 8:30 s.m. ET. Economists expect productivity growth to come in at 2.3% for the quarter.
The Commerce Department will release its report on factory goods orders for December at 10.00 a.m. ET. Economists estimate factory good orders for the month to decline by 0.4%.
The ISM is scheduled to release the results of its non-manufacturing survey at 10 AM. The non-manufacturing index is likely to show a reading of 57 for January.