Dollar heads for third weekly gain

FX Signals on TOKYO (Reuters) – The dollar steadied on Friday ahead of data from the United States that is expected to show an increase in job creation and a lower unemployment rate for March.

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Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden administration’s planned stimulus of over $2 trillion and a rapid COVID-19 vaccine roll out spurred economic optimism as well as inflation fears.

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“It’s not just speculators that are betting on the dollar,” said Yukio Ishizuki, foreign exchange strategist at Daiwa Securities. “Asset managers are also cutting their shorts in other currencies to make way for a dollar surge.”

Forex Signals – Dollar Edges Higher

“As long as the economy improves and Treasury yields rise, the dollar will too,” the strategist added.

The dollar last traded at 110.62 yen, not far from its strongest level in a year.

FX Signals

The greenback was steady at 0.9417 Swiss franc, after losing 0.2% on Thursday.

The British pound was little changed at $1.3843.

Dollar Edges Higher Overall

U.S. nonfarm payrolls due later on Friday are forecast to have jumped by 647,000 in March from a 379,000 in February. The unemployment rate is expected to fall to 6.0% from 6.2%.

The dollar index, a gauge of its value against six major currencies, stood at 92.862, on course for its third consecutive week of gains.

Forex Signals Dollar Heads Higher Sterling Slips

Elsewhere, the Australian dollar edged up to $0.7629, after falling to a three-month low in the previous session.

In the cryptocurrency market, bitcoin briefly rose above $60,000 for the first time in two weeks but then pared gains to trade up 1.49% at $59,601.

Rival digital currency ether rose 1.39% to $1,994.

Dollar heads for third weekly gain

FX Signals

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Dollar heads for third weekly gain