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Forex - Dollar broadly higher ahead of U.S. jobs data

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Investing.com - " The U.S. dollar traded broadly higher against its major rivals during Tuesday's Asian session, perhaps a signt that traders are pensive ahead of the release of crucial U.S. jobs data later Tuesday.

In Asian trading Tuesday, EUR/USD fell 0.11% to 1.3666. The euro is still flirting with eight-month highs against the greenback. On Monday, data showed that German producer price inflation rose 0.3% from a month earlier in September, better than expectations for a 0.1% increase.

Germany is the euro zone's largest economy.

USD/JPY rose 0.09% to 98.27. 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.

GBP/USD lost 0.12% to 1.6128. On Monday, a report by property website Rightmove said the average asking price of a home in London jumped by more than fifty thousand pounds in October from the previous month, an increase of more than 10%.

USD/CHF added 0.12% to 0.9032 while USD/CAD inched up 0.03% to 1.0308 after the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 4 million barrels in the week ended October 4, well above expectations for an increase of 2.2 million barrels.

Total U.S. crude oil inventories stood at 374.5 million barrels, the highest level since July.

The dollar was higher against the majors ahead of the September jobs report for the U.S., originally due out October 4 but delayed because of the shutdown, is due out later Tuesday. Economists expect the addition of 180,000 new jobs and for the unemployment rate to stay at 7.3%.

AUD/USD fell 0.07% to 0.9650 while NZD/USD inched down 0.05% to 0.8451. The U.S. Dollar Index added 0.10% 79.82.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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