US DOLLAR SURGES IN EARLY TRADES, SUSPENSE REMAINS OVER NON-FARM PAYROLLS

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US DOLLAR SURGES IN EARLY TRADES, SUSPENSE
REMAINS OVER NON-FARM PAYROLLS
Thursday morning witnessed the US dollar showing
some signs of a surge in the Asian market.
However, it remained at the multi-week low side.
Moreover, the laidback employment data of the US
also limited the gains of the currency. The job
report is supposed to guide the timing of the
asset tapering timeline of the USD Federal
Reserve. Notably, the US Dollar Index hiked to
92.507, up by 0.06 per cent at 238 AM GMT.
Meanwhile, the USD/JPY pair slipped to 109.97 by
0.1 per cent. The AUD/USD pair plunged to 0.7361
by 0.03 per cent. However, Australia had
displayed better trade data than expected for
the July month, earlier in the day. On a
month-on-month basis, the imports increased by 3
per cent, while exports grew 5 per cent.
Meanwhile, AUD 12.117 billion remained the trade
balance. The NZD/USD pair skidded to 0.7063 by
0.08 per cent. Interestingly, investors are
assured of interest rate hikes by the Reserve
Bank of New Zealand in October.
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The USD/CNY pair hiked to 6.4622, up by 0.06 per
cent, whereas the GBP/USD pair increased to
1.3775 by 0.05 per cent. Notably, the ADP
nonfarm employment change remained 374,000 in
August, as per the US data released on
Wednesday. The forecast was doubled the number
that came through. Rodrigo Catril, the currency
strategist of the National Australia Bank, said
the numbers were not worth ignoring. He said
that the figures pointed at the falling job
reports and Fed asset tapering. Catril stated
that risk assets were in profits following the
bad news for the labour market.