North-West Financial Broker
Personal Area
Personal Area
30 Mar - Fundamental
The dollar was mixed in a narrow range Tuesday as investors remained cautious ahead of the government's monthly jobs report later this week.
What prices are doing: The dollar was down 0.5% against the euro to $1.3424. It rose 0.6% versus the U.K. pound to $1.5081 and gained 0.4% on the Japanese yen to ¥92.82.
What's moving the market: The mixed action comes as investors digested economic reports on consumer confidence and the housing market.
The Consumer Confidence index rose to 52.5 in March from 46.4 in February, according to a report from the Conference Board. Economists expected the index to rise to 51.
Separately, the S&P/Case-Shiller 20-city index showed that home prices fell 0.4% in January from the month before. Prices in December fell 3.1%. After rising for five straight months, prices have now fallen for four months in a row.
Meanwhile, the U.K. pound rose after the British government reported stronger than expected economic growth in the fourth quarter.
The euro remained under pressure amid concerns about the fiscal health of Greece. European Union leaders approved a plan last week to rescue the debt-stricken nation if necessary. But traders said Greece and other EU member nations remain vulnerable.
What analysts are saying: «The market is waiting for the non-farm payrolls report,» said Vassili Serebriakov, a currency strategist at Wells Fargo.
«The euro is suffering from own problems,» he said. «As far as the dollar goes, it's going to be wait and see till the jobs report.»
The Labor Department is expected to report Friday that U.S. employers expanded payrolls by 190,000 in March. The unemployment rate will remain unchanged at 9.7%, according to consensus estimates from economists surveyed Briefing.com.
