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The U.S. Dollar is trading higher against most major currencies this morning as traders await this morning’s U.S. Non-Farm Payrolls Report. Expectations are that the report will show an improvement in June.
According to most surveys, economists are looking for a gain of 115,000 jobs with the unemployment rate holding steady at 9.1%. A better number could mean theU.S.economy is back on track. This may give the Dollar an initial boost, but it may break later in the session if it encourages traders to take on risky assets. A smaller or negative number will be a bearish sign for the economy. This is likely to drive the equity markets lower which may give a boost for the Dollar as investors seek shelter in safe haven currencies.
Investors are optimistic about a better number this morning following Thursday ADP employment report that showed private-sector employment rose 157,000 in June. This figure represented more than double the 70,000 increase expected by economists.
