The dollar was steady against a basket of currencies on Thursday, the day before U.S. labor market data that could provide clues to timing of the Federal Reserve’s next move.
Most major currency pairs clung to familiar ranges, with traders disinclined to place large wagers before the data’s release.
“A rather typical pre-nonfarm payrolls lull has taken over the market today,” said Michael Brown, senior analyst at payments firm Caxton in London.
The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was unchanged, trading at 94.199, not far from the one-year high of 94.504 touched last week.
“I think we’ll probably range like this until the jobs report is out of the way, though even then any USD weakness should be faded given how a November taper looks near-certain,” Brown said.
The Federal Reserve has said it is likely to begin reducing its monthly bond purchases as soon as November and then…