USD Trading Outlook (04-05-2012)

The US dollar (USD) appeared strong versus a basket of currencies ahead of the Non-Farm Payrolls (NFP) release later today at 12:30 GMT. Following a disappointing ADP employment report – a good forecaster of the NFP – on Wednesday, market participants are growing more bearish towards the US labor market. Against the Canadian dollar (CAD), the greenback climbed to 0.9880 from 0.9866. Versus the Japanese yen (JPY), the US dollar slightly rose to 80.22 from 80.12 as the 80.00 figure has been acting as a support area over the past few days.

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