- POSTED: 02 May 2014 05:37
Foreign exchange markets were quiet ahead of the US April jobs report release, which could confirm that the economy is emerging from its winter chill.
NEW YORK: Foreign exchange markets were quiet on Thursday ahead of the US April jobs report release, which could confirm that the economy is emerging from its winter chill.
The euro-dollar rate was virtually unchanged at $1.3867, while the yen slipped a day after the Bank of Japan trimmed its economic growth outlook.
Analysts were on the watch for Friday's US jobs data, amid tentative expectations that it will show the economy is rebounding after a near-stall in the first quarter.
"The US non-farm payrolls report may spark a bullish reaction in the dollar as the economy is expected to add another 215,000 jobs in April," said David Song, adding he expects the unemployment rate to fall to 6.6 per cent from 6.7 per cent.
Joe Manimbo, senior market analyst at Western Union, meanwhile said the initial release could spark "a bout of renewed volatility."
"Although the euro's drift higher has been a boon for US exporters," he said, "they face a risk in Friday's jobs report, should it prove stronger than expected and spark a rebound in the dollar."
At 2100 GMT Thursday Wednesday
EUR/USD $1.3867 $1.3866
USD/JPY 102.30 yen 102.19 yen
EUR/JPY 141.89 yen 141.73 yen
GBP/USD $1.6890 $1.6871
EUR/GBP 0.8210 pound 0.8217 pound
USD/CHF 0.8792 franc 0.8803 franc
EUR/CHF 1.2192 franc 1.2207 franc