RTTNews - The dollar was on pause Friday morning in New York ahead of the all-important monthly jobs report from the US government.
The Labor Department is slated to release the jobs report for the month of July 2009 at 8.30 am ET. Economists estimate that the U.S. economy lost 325,000 jobs in July and look for an unemployment rate of 9.6%.
Also on tap is the consumer credit report for the month of June from the U.S Federal Reserve at 2.00 pm ET. According to analysts, consumer credit is likely to show a decline of $5 billion.
The dollar has been battered of late versus higher yielding counterparts, with traders betting on the likelihood of a global economic recovery. Stocks have soared over the past month, fueling increased appetite for riskier assets.
Earlier this week, the dollar tumbled to its lowest level of 2009 versus a basket of majors. After enjoying a modest rally on Thursday, the dollar has seen little movement in anticipation of the pivotal jobs report.
The dollar held near 1.4350 versus the euro, about a penny from its 8-month low set Wednesday. Versus the sterling, the dollar was at 1.6740, having stabilized since hitting a 10-month low of 1.7042.
The dollar managed to firm up versus the loonie after the release of Canadian employment data. The dollar improved to C$1.0830, moving further away from a 10-month low C$1.0630.
Following little change in June, Canadian employment declined by 45,000 in July, according to data released Friday by Stats Canada.
Economists were expecting employment to decline by only 15,000 jobs.
The unemployment rate remained unchanged at at an 11-year high of 8.6%.
The dollar continued its choppy run versus the yen, slipping to 95.20. The pair has been stuck in the mud for 2 months, with traders finding little to like about either low-yielder.
In economic news from around the world, German industrial production fell 0.1% month-on-month in June after an upwardly revised increase of 4.3% in May. Economists had forecast an increase of 0.5% in June.
Meanwhile, the Office for National Statistics said U.K's output prices measure for all manufactured products rose 0.3% in July from June.
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