The greenback edged higher at the start of the Asian session

10 March 2009
USD Firms in early Asian Trading, The greenback edged higher at the start of the Asian session, rallying sharply against the Aussie initially and pushing the sterling beneath the key 1. 40 - level. With US equity bourses still mired near its lowest levels in 12 - years, risk aversion will continue to benefit the dollar – which has pushed the euro beneath the 1. 25 - handle.
US economic reports slated for release subsequent today build the February ADP private sector payrolls, which are heuristic craft a loss of 615k jobs, deteriorating further from the loss of 522k jobs in January and non - manufacturing ISM. Coadunation estimates because February non - manufacturing ISM name in that a wilt to 41. 0 from 42. 9, remaining mired beneath the key 50 - level thanks to its 5th consecutive spell.
Traders will closely consider Friday’s key labor report disposed the weakness in the US jobs marketplace. The unemployment rate in February is expected to spike to 7. 9 %, a level not empitic since 1984 and up sharply from 7. 6 % from January. The non - farm payrolls figure is estimated to publish a loss of 600k jobs – its worse level since 1974.