Dollar Ends Flat in a Tight Range
Tight ranges have been the rule in the foreign exchange on Tuesday. Dealers reported very little in the way of flows, traders on Tuesday already starting to head for the sidelines ahead of Friday's unemployment report. Concern is still whether the U.S. economy will rebound sooner rather than later. As a result, we expect the dollar, especially against European currencies, to have trouble rallying too much further than current levels. On the data front, a busy week ahead, non-manufacturing NAPM on Wednesday, followed by Q3 productivity, initial jobless claims and factory orders on Thursday. And Friday brings the November jobs data. S&P is forecasting a 200k decline in non-farm payrolls, the unemployment rate seen rising to 5.7% from 5.4% in October.
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