Investing.com - " The dollar posted cautious gains against most
major currencies on Monday as investors remained camped out in
safe-haven greenback positions ahead of the release of the
long-awaited September jobs report on Tuesday.
In U.S. trading on Monday, EUR/USD was down 0.06% at 1.3677.
A U.S. government shutdown that began Oct. 1 and ended last week
left the dollar without one of its chief steering currents, the
monthly U.S. nonfarm payroll report.
September's unemployment data will hopefully give investors fresh
insight into the direction of U.S. monetary policy and move the
The Fed is currently buying USD85 billion in Treasury holdings and
mortgage debt a month to boost the economy, a monetary policy tool
known as quantitative easing that drives down interest rates to
spur recovery, weakening the dollar in the process.
The government shutdown and accompanying default fears along with
the naming of dovish Janet Yellen as the new Chair of the Federal
Reserve left may investors second-guessing when the U.S. central
bank will announce plans to taper its quantitative easing program,
which could push the dollar up in the long term.
Investors hope the September jobs data, originally due out Oct. 4,
will provide a fresh weather vane for the dollar.
Elsewhere, lackluster data out of the U.S. housing sector capped
the dollar's gains.
The National Association of Realtors reported earlier that total
existing home sales declined 1.9% to a seasonally adjusted annual
rate of 5.29 million units in September from a downwardly revised
5.39 million in August, mainly due to home prices outpacing income
Analysts were expecting to see 5.30 million units sold.
The greenback was up against the pound, with GBP/USD down 0.13% at
The dollar was up against the yen, with USD/JPY up 0.43% at 98.21,
and up against the Swiss franc, with USD/CHF up 0.02% at 0.9021.
In Japan earlier, the yen came under pressure after Bank of Japan
Governor Haruhiko Kuroda reiterated Monday that the bank would
stick to its stimulus program and added that the economy was on
track to reach the bank's 2% inflation target.
The dollar was up against its cousins in Canada, Australia and New
Zealand, with USD/CAD up 0.07% at 1.0299, AUD/USD down 0.21% at
0.9656 and NZD/USD trading down 0.58% at 0.8458.
The dollar index, which tracks the performance of the greenback
versus a basket of six other major currencies, was up 0.08% at
On Tuesday, expect the pair to trade on the U.S. jobs report.
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