The Dollar saw much bullishness against most of the major currency pairs during yesterday's trading session. The Dollar gained over 100 pips against the EUR, as the EUR/USD pair dropped to the 1.4501 level. However, the Dollar weakened against the Yen during yesterday's trading.
The rising Dollar came as both disappointing jobs and manufacturing data increased worries that the global economy recovery may be farther than expected, boosting the Dollar's safe-haven status. The weekly U.S. Unemployment Claims report showed that the number of Americans filing for unemployment insurance for the first time during the past week rose to 551,000 from a revised 534,000 last week.
Also yesterday, the Manufacturing Purchasing Managers' Index failed to reach expectations of the forecasted 53.9 result, as the end result was actually 52.6. The unsatisfying figures from yesterday's U.S. data seems to have contributed to investors' worries that a halt in the economic recovery will continue strengthening the greenback going into next week's trading..
Looking ahead to today, the most significant data of the month is expected, as the Non-Farm Employment Change is scheduled for 12:30 GMT. It measures the change in the number of employed people during September, excluding the farming industry. Due to its early publication, this report tends to have an immense impact on the market. If the end result will continue to show that the American jobs sector is recovering, it may extend the Dollar's bullish trend.