The dollar moved in narrow ranges today, Friday, as investors awaited a major report on US jobs and assessed the possibility of the Federal Reserve raising interest rates for a longer period in light of economic growth expectations.
The US Nonfarm Payrolls report is due later today, while the US economy is expected to have added 225,000 jobs in June.
The well-watched report follows data released Thursday that showed a jump in the number of private sector jobs last month and a moderate increase in the number of Americans filing new applications for unemployment benefits last week, indicating that the labor market remains strong.
This led to a rise in US Treasury yields, as bets increased that the “central bank” should continue to raise interest rates to curb inflation, which kept the dollar high in early Asian trading on Friday.
Against the US currency, the euro fell 0.02 percent to $1.0890, while the New Zealand dollar rose 0.09 percent to $0.6163, compensating for some of the previous session’s losses.
The British pound was also lower against the dollar, recording $1.2734 in its latest trading. This came despite its rise yesterday, Thursday, to its highest level in two weeks at $ 1.2780, as markets bet that the “Bank of England” will raise interest rates to 6.5 percent early next year, compared to previous expectations to raise them to 6.25 percent.
The dollar index rose 0.03 percent to 103.12.
The yen recorded 144.06 per dollar in its latest trading, and is heading for a slight weekly gain, after losing for three consecutive weeks.
The Australian dollar rose 0.09 percent to $ 0.66315, but it appears that it will incur a loss for the third week in a row, under pressure from the faltering economic recovery in China.
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2023-07-07 07:47:21
#dollar #stable #continued #strength #economy
