Dollar drifting on unemployment data expectation

Since the latest subdued U.S. economic reports continued to fuel uncertainty over the strength of the recovery and streets stared at forthcoming the U.S. unemployment data, the dollar has been drifting near three month lows against a set of other major hard currencies.

The dollar seems continue to stay under stress after a disappointing ADP data on Wednesday that the U.S. non-farm private employment rose by 169,000 last month below expectations for an increase of two lakhs. Investors were now looking ahead to Friday's employment report for further indications on the health of the U.S. job market.

Recent economic reports have indicated that the economy has slowed since the start of the year prompting many investors to push back expectations on the timing of an initial rate hike by the Federal Reserve.

The U.S. dollar index which is a barometer of the greenback's strength against a trade weighted basket of six major currencies was down at 0.16% to 94.05, not far from Wednesday's three-month low of 93.96.

Currently on spot mkt US$ is trading as below,