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Forex News: U.S. Dollar Drops Ahead Of Non-farm Payrolls Data

U.S. Dollar Drops Ahead Of Non-farm Payrolls Data

07/04/2024 - 11:57:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Thursday, as investors await non-farm payrolls report for more clues on the strength of the labor market.

Friday's jobs report may shed light on how much the economy has slowed in 2024.

Weak labor data and PMI readings released on Wednesday pushed up bets on a 25 basis point cut in September.

U.S. markets are closed today for Independence Day holiday.

Investors also focus on the U.K.'s general election, with polls predicting a historic win for the Labour party.

The greenback dropped to 160.94 against the yen and 0.8991 against the franc, off its early highs of 161.67 and 0.9039, respectively. The greenback is poised to challenge support around 147.00 against the yen and 0.88 against the franc.

The greenback declined to 1.0813 against the euro and 1.2767 against the pound, down from its early highs of 1.0781 and 1.2733, respectively. The greenback is likely to face support around 1.10 against the euro and 1.31 against the pound.

The greenback weakened to 0.6731 against the aussie and 0.6122 against the kiwi, reversing from its early highs of 0.6701 and 0.6101, respectively. The currency is seen finding support around 0.68 against the aussie and 0.63 against the kiwi.

The greenback touched 1.3610 against the loonie, its lowest level since June 3. If the currency falls further, it is likely to test support around the 1.34 region.

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