Here's USD Movement Ahead of US NFP Jobs Data Release!

 The European trading session saw the US dollar traded slightly higher as investors focused on the release of the US jobs report in the New York session.


Against a basket of major currencies, the dollar index, which measures the strength of the greenback, is trading at around 105.95.


Investors are seen as cautious ahead of key NFP data which is expected to record a slowdown in job growth in July with the unemployment rate remaining at 3.6%.



Looking at European currency movements, the pound traded flat following the Bank of England (BOE) policy meeting decision which raised interest rates by 50 basis points on Thursday.


However, in its revised forecast the BOE expects the UK economy to enter recession in the last quarter of the year causing the pound to fail to rise further.


On the other hand, the Aussie dollar eased slightly in the European session following reports that China imposed sanctions on US House Speaker Nancy Pelosi over her visit to Taiwan.


This has indirectly fueled market concerns that the US may forget its intention to lift Chinese import restrictions imposed during the Trump era following Beijing's latest move which is seen to renew tensions between the two world giant economies.

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