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Dollar slips ahead of payrolls report

News Date: 5/8/2016 05:25:32
Dollar gave up ground on Friday ahead of the all-important U.S. non-farm payrolls report, with investors waiting to analyse it to determine whether the Federal Reserve will hike interest rates this year.

The dollar index, tracking the U.S. currency's performance versus an array of six major peers, fell 0.20% to 95.58, edging closer to a multi-week low hit earlier in the week at 94.94.

Oil prices on the other hand returned firmly lower, with Brent crude futures sliding 26 cents, or 0.56% to $44.02 a barrel, while U.S. West Texas Intermediate (WTI) crude futures shed 20 cents, or half a percentage point to trade at $41.72 a barrel.

Other commodities weren't luckier, with silver futures tumbling 13 cents, or 0.64% to hover around $20.31 an ounce, while copper prices gave up 0.41% to $2.165 a pound. Gold bucked the trend, advancing 0.10% to $1,368 an ounce.

Investors around the world await the U.S. payrolls report for July, expected to show 180 thousand new jobs, compared to June's stellar 287K jobs, which would buoy the dollar.

The unemployment rate is forecast to have fallen by 0.1% last month to 4.8% from June's 4.9%, which would be another pierce of good news for the dollar and would raise chances of a rate hike this year.

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