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The dollar on fire as the payroll test looms

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The dollar on fire as the payroll test looms

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SINGAPORE – The US dollar wobbled

above major support levels on Thursday as traders expected a

batch of US economic data that could set the tone at the central level

bank meetings later this month.

Investors have bet that the dollar will fall as the world

recovering from the COVID-19 pandemic, but lately they have grown

nervous about whether a surprisingly strong US economic rebound

poses a threat to a key assumption that interest rates stay low.

The mood has prevented speculators from adding much short

positions in recent weeks. That has slowed down what had a

a month ago it looked like a relentless downtrend and has pushed

traders who follow trends in a wait-and-see mode.

Against the euro, the dollar is trading at $ 1.2209

after relaxing a little rally on Wednesday. The dollar lost 1.7%

on the euro in May, but did not fall beyond strong support in

$ 1.2266. It was stable at 109.64 yen.

In Asia, surprising gains in the eastern Chinese yuan

week had also sparked speculation about changes in the Chinese

Policymakers’ stance on the currency, although slightly relaxed

to 6,3807 in the first offshore operations on Thursday.

The dollar index, which measures the dollar

against a basket of six major currencies, also held at 89,919

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where it seems to have found strong support in recent weeks.

The U.S. private payroll figures due later on Thursday are as follows.

the latest issues to offer clues to the state of the economy and a

possible reading on broader nonfarm payroll data due Friday.

Appearances of a Handful of Federal Reserve Officials

be watched closely for signs of sensitivity to the first

strength of the rally ahead of its next meeting in mid-June.

“Major pairs (are) still stuck within ranges,” he said.

strategists at OCBC Bank of Singapore in a note. They added,

However, those performance differentials seem to move in the

the favor of the dollar and that the tone of politicians is subtly changing.

Comments from Fed Governor Lael Brainard this week noting

risks to both sides of the Fed’s targets offered “another signal

that the Fed is slowly moving away from its overly moderate

stance, “said bank strategists Terence Wu and Frances

Cheung.

“(We hold) the view that the Fed’s expectations should

gradually built from here, unless this key piece of information is lost

week. “

The Fed’s late night announcement of a move to relax

corporate bond holdings purchased through an emergency facility

Last year offers another sign that pandemic measures are reaching a

final.

That leaves traders to focus on Friday’s labor data, which

after a big mistake in April, when the monthly recruitment of 266,000

confusing expectations of 1 million, do the estimates for May range from

between 400,000 and 1 million, with a consensus of around 664,000.

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“Given last month’s disappointing report, the risk is the

The results offer another surprise to the downside and are supported by

dollar, ”said Carol Kong, an analyst at the Commonwealth Bank of Australia.

The European Central Bank also meets next week and investors

focus on whether policymakers report a slowdown in their

bond purchase program.

=============================================== = = =====

Currency offer prices at 128 GMT

Description RIC Last US Closing Percentage Change YTD Percentage High Bid Low Bid

Previous change

session

Euro / Dollar $ 1.2210 $ 1.2210 + 0.00% -0.07% +1.2214 +1.2208

Dollar / Yen 109.6400 109.5550 + 0.07% + 6.14% +109.6850 +109.6100

Euro / yen

Dollar / Swiss 0.8981 0.8981 + 0.01% + 1.53% +0.8983 +0.8980

Pound sterling / Dollar 1.4172 1.4169 + 0.03% + 3.74% +1.4179 +1.4169

Dollar / Canadian 1.2035 1.2035 + 0.00% -5.49% +1.2041 +1.2031

Aussie / dollar 0.7749 0.7752 -0.02% + 0.75% +0.7754 +0.7744

New Zealand 0.7237 0.7232 + 0.07% + 0.78% +0.7241 +0.7233

Dollar / dollar

All the places

Tokyo locations

Spots of europe

Volatilities

BOJ Tokyo Forex Market Information

(Reporting by Tom Westbrook

Edited by Shri Navaratnam)

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