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Dollar advances before US employment figures

8th November 2013

The dollar has advanced in forex trading markets today (November 8th) as investors await the publication of the US non-farm payrolls (NFP) report for October. 

Due to be released at 13:30 GMT, the figures are expected to show American employers added 120,000 new jobs last month. The country's unemployment rate is also anticipated to tick up to 7.3 per cent.

The Federal Reserve is known to see the monthly NFP reports as a key indicator of economic strength in the US and the bank has linked its quantitative easing programme to the unemployment rate.

Fed chairman Ben Bernanke has said the stimulus will be ended when the percentage of Americans out of work falls to or below 6.5 per cent. An increase in this rate today is likely to be interpreted as confirmation the bank will maintain its asset purchases into 2014.

As of 11:40 BST, the dollar is trading 0.1 per cent higher against both the yen and the British pound. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.