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CURRENCY : Dollar Edges Up in Slow Trading

Associated Press

The dollar moved narrowly higher Thursday as traders awaited today’s release of unemployment figures for September.

Gold prices also rose. Republic National Bank of New York quoted a late bid of $403.50 for an ounce of gold, up from $400.30 late Wednesday.

Dollar trading was very quiet, but some investors adjusted their positions in advance of the Labor Department’s unemployment report, said James T. McGroarty, a vice president at Discount Corp.

Traders were waiting in particular to see what changes there would be in non-farm payroll statistics to be issued with the jobless report, McGroarty said.

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The market expected the non-farm payroll to have increased by about 300,000 to 330,000 workers last month, analysts said.

Robert Ryan, senior trader at Irving Trust Co., said the dollar likely would slip if the payroll number fell short of expectations.

Once the unemployment report has been digested, the market will look forward to next week’s release of U.S. trade deficit figures, Ryan said.


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