Market Report

The dollar headed for the first weekly gain versus the Euro since August on speculation a U.S. government report will show hiring rebounded, weakening the Federal Reserve's case for further interest-rate cuts.

The dollar has strengthened against 15 of the 16 most- traded currencies this week on signs the world's largest economy is weathering a slump in the housing market, creating jobs and encouraging consumers to spend.

The Euro may extend losses on speculation a cooling economy will deter the ECB from raising interest rates this year.

President Jean-Claude Trichet said yesterday there are "downside risks" to economic growth after the central bank held its benchmark rate at 4 percent. He refrained from describing borrowing costs as "accommodative," a term he's used in the past to signal a tightening bias.

The key data release today is the Non Farm payroll from the U.S which analysts are predicting to be positive for the Dollar so we may see a further recovery for the green back.

VC

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