Dollar gains as strong run
Forex Trading Signals / SINGAPORE (Reuters) – The dollar was perched at multi-week highs on Friday, after notching up its biggest gains in about a month following robust jobs data that threw investors’ focus on to the strength of the U.S. recovery and the possibility of policy tightening.
The next test comes later in the day when U.S. non-farm payrolls data is published. The consensus forecast is for about 650,000 jobs to have been added in May, though the “whisper number” among traders is closer to 800,000.
Private payrolls data delivered a big beat with an increase of 978,000, against forecasts of 650,000, which sent the dollar rallying.
US Dollar Index
It rose 0.7% on the euro on Thursday and drifted another 0.1% higher through the Asia session to a fresh three-week high of $1.2110 per euro.
It sat by a two-month top against the Japanese yen at 110.32 yen per dollar and hung on to Thursday’s gains of more than 1% against the Aussie and the kiwi. [AUD/]
At issue is whether the data points to the sort of hiring that could reel in pandemic job losses, lift wages and drive broad U.S. growth that increases the trade deficit and weighs on the dollar – or whether things feel like they are overheating.
Overnight implied dollar/yen volatility shot up to a month high above 8% on Thursday and euro/dollar implied volatility hit its highest since mid-March.
Sterling was steady at $1.4091 after dropping through its 20-day moving average as the dollar climbed.
Cryptocurrencies took a knock from a string of Elon Musk tweets, but are tracking toward solid weekly gains. Bitcoin was last off nearly 6% at a little over $37,000.
Dollar gains as strong run
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