Dollar gains put on hold
Dollar gains put on hold
TOKYO (Reuters) — FX Signals The dollar traded near its strongest in more than two months against the euro and the yen on Thursday as pessimism about the U.S. economic outlook receded before the release of important data on the jobs market.
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The British pound held steady against the dollar and traded near an eight-month high versus the euro ahead of a Bank of England policy meeting that will publish findings on the feasibility of negative interest rates.
Sentiment for the dollar has improved recently as progress in coronavirus vaccinations, moves by U.S. President Joe Biden to pass more fiscal stimulus, and improving economic data forced some bearish investors to give up their short positions.
The dollar faces another test on Friday with the release of non-farm payrolls data, which will help confirm whether the world’s largest economy has shrugged off a dip in growth toward the end of last year.
“The dollar’s recovery was triggered by a rebound in yields and an increase in inflation expectations,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities.
“This is supporting the dollar, which now has more room to rise against the euro, because the euro zone looks like it is lagging behind U.S. economic growth.” Dollar Edges Lower Pound Also Weak
Against the euro, the dollar stood at $1.2035, close to a nine-week high.
The pound bought $1.3643, stabilising after a 0.2% decline in the previous session. Sterling traded at 88.19 pence per euro, near the strongest since May last year.
Since the start of the year expectations for big fiscal stimulus under Biden’s Democratic government have supported sentiment. Forex Signals — The U.S. dollar was down
The pace of vaccinations in the United States has also picked up, causing many investors to temper their pessimism.
FX Signals | Euro Shrugs Off Strong Growth
Bitcoin, the most popular crypto currency, held steady at $37,752.
Elsewhere, the Australian dollar edged up to $0.7646, supported by hopes for U.S. stimulus and progress in securing coronavirus vaccines.
Reserve Bank of Australia will update its economic forecasts on Friday, which could determine whether the Aussie continues to rise. Dollar Up Holds Onto Biggest Gains
Across the Tasman Sea, the New Zealand dollar rose to $0.7215.
Aussie dips despite strong retail sales
Dollar gains put on hold
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Dollar gains put on hold
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