Dollar posts third straight
NEW YORK Fx Signals Site / (Reuters) -The dollar rose on Friday in thin trading, posting its third straight weekly gain, after data showed the world’s largest economy created more jobs than expected in March, suggesting it is on a steady path to recovery from the pandemic.
Financial markets are closed in Australia, Singapore, Hong Kong, Britain, and Europe in observance of the Good Friday holiday. Wall Street is also closed, while the U.S. bond and currency markets are open because Good Friday is not a U.S. government holiday.
Friday’s data showed U.S. nonfarm payrolls surged 916,000 jobs last month, the largest gain since last August. Data for February was revised higher to show 468,000 jobs created instead of the previously reported 379,000. Economists polled by Reuters had forecast payrolls increasing by 647,000 jobs in March.
“The overall strength of the labor market is likely to prove dollar-positive,” said Joe Manimbo, senior market analyst, at Western Union (NYSE:WU) Business Solutions in Washington.
U.S. benchmark 10-year Treasury yields were last at 1.717%, up nearly 4 basis points from the previous session. [US/]
In midday trading, the dollar index was up 0.1% at 93.025, posting gains in five of the last six weeks.
The dollar’s ascent to multi-month highs is likely to continue as more investors bet on economic recovery.
The dollar was up 0.1% versus the yen at 110.67 yen, not far from its strongest level in a year at just under 111 yen.
The euro, meanwhile, was down 0.2% against the dollar at $1.1756.
In the cryptocurrency market, ethereum, the second-largest cryptocurrency in terms of market capitalization, hit a record high of $2,081.83 and was last up 5% at $2,065.45.
“Basically, there’s a decentralized Wall Street blooming on top of ethereum that’s currently growing faster than any other sector in the entire cryptocurrency industry, and it all requires ETH to function.
Bitcoin, meanwhile, briefly rose above $60,000 for the first time in two weeks but then pared gains to trade up 1.1% at $59,400.
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Dollar posts third straight