US Dollar up ahead of job data release

The US dollar rose on Friday, trying to decrease some losses which accounted for the largest daily decline in more than two weeks on Thursday, with traders’ focus shifted to US jobs data to feel more indications of the strength of the economy.

The dollar index, which measures the performance of the US currency against a basket of major currencies, rose 0.21 percent to 105.92 after declining 0.68% on Thursday, and this was its biggest decline since July 19^th. It was still about 3% below its mid-July high, Reuters reported.

Investors are awaiting the US non-farm payrolls data due at 1230 GMT, which provides indications of the performance of the US economy. Economists expect jobs to increase by 250,000 in July, after increasing by 372,000 in June.

The euro fell 0.17 percent to $ 1.02285 after fears of a slowdown in the US economy outweighed concerns related to a European energy crisis.

There was little change in the pound sterling and it was trading at $ 1.2156 after the Bank of England raised the interest rate at the highest rate in nearly 27 years to control inflation, but it warned of a prolonged recession starting from the last quarter of this year.