Dollar Rises to One-Month High Against Euro Before U.S. Payrolls

The dollar advanced to a one-month high against the euro before tomorrow’s U.S. payrolls report, forecast to show employers added jobs for a third month and the unemployment rate eased to 9.7 percent.

The euro dropped below the 200-day moving average versus the dollar as the European Union discussed spreading the cost of bank failures. Brazil’s real fell as the central bank set reserve requirements on positions against the dollar held by local banks in a third attempt since October to stem a rally in the currency.

“The dollar is really in demand,” said Kathy Lien, director of currency research, with online currency trader GFT Forex, in New York. “Non-farm payrolls are still going to be very good, and the risk of an upside surprise is much more significant than a shortfall. A lot of people are positioning for a stronger number.”

Read Full Article from BusinessWeek

- Posted: 2011-01-06 10:02:12

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