
The Week Ahead
NEW YORK (Reuters) FX Signals -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.
“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.
“The hiring explosion showed the economy producing some of the ‘substantial further progress’ the Federal Reserves wants to see before it pivots away from its low rate policies.”
He added, though, that Treasury yields may take exception given tepid wage growth which is consistent with inflation remaining subdued.
Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden administration’s planned stimulus of more than $2 trillion and a rapid COVID-19 vaccine rollout spurred economic optimism as well as inflation fears.
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.
Dollar posts third straight
The dollar’s ascent to multi-month highs is likely to continue as more investors bet on economic recovery.
Forex Signals – UK Posts Largest Deficit
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.
Dollar heads for third weekly gain
Forex Signals – Dollar drops low
“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, likely explaining a good portion of the increased attention on the asset,” said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.
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.
The Week Ahead
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The Week Ahead
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The Week Ahead
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