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Market Extra: August jobs data marks crucial test for U.S. dollar

August jobs data due on Friday will be the first potential catalyst of many in September that could either revive a sliding U.S. dollar or clear the way for further weakness, analysts said.

The dollar on Wednesday registered some gains, thanks to a weakening euro and supportive U.S. data on Wednesday, including ADP’s private-sector employment numbers and revised second quarter gross domestic product data.

And while economists warn of reading too much into ADP numbers as a bellwether for other data, they have set a positive tone ahead of Friday’s nonfarm payroll and unemployment data. Still, the ICE U.S. Dollar Index DXY, +0.11% a measure of the currency against a basket of six major rivals, is down more than 9% since the end of 2016.

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