Published by Mark Smith-HalvorsenGlobal forex trading in the dollar was subdued yesterday (August 5th) as investors awaited today's key payrolls data.Speaking to the Financial Times, forex brokers said there was hesitation about entering the market yesterday, resulting in sideways trade between the dollar and the euro."People have had to rely on equities for direction and after they sank back, the market just sank into a back-and-forward motion," said Mike Berg, a strategist at 4Cast.This morning, the dollar index was at a three-and-a-half-month low against a basket of currencies, while the yen was approaching a 15-year high against the dollar.The yen has emerged as the hedge currency of choice for many forex traders as economic conditions have weakened in the US.Analysts expect today's payrolls data to fall by 65,000, with temporary census workers bearing the brunt of job losses. Unemployment is set to have reached 9.6 per cent in July, up 0.1 per cent after a surprise drop in June.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.