The US Dollar is struggling to gain traction as investors wait for today’s release of the all-important Non-Farms Payroll report. The latest economic data from the US was deemed generally uninspiring by market players, and they are increasingly hopeful that this labor report will provide some positive momentum for the greenback. Against the Euro, the greenback remained close to a 2½ year trough, while against the safe haven Yen, the Dollar is at a 7-week low.
As reported at 10:42 am (JST) in Tokyo, the EUR/USD was trading at $1.19, a gain of 0.01% and moving off the latest peak of $1.18663. The USD/JPY is higher at 110.10 Yen, up 0.14% while the AUD/USD is trading at $0.7943, down 0.1112%.
White House Woes Also Weigh
Given the latest data, investors are betting on the possibility of another Fed rate hike by only 50%, and a NFP disappointment could further erode those expectations. Moreover, the latest events out of the White House are also keeping the pressure on the greenback. Robert Mueller has begun the process of empaneling a grand jury in Washington, DC to determine whether or not its investigation into Russian collusion charges have enough validity to bring to trial.