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Dollar Soars Ahead of Payroll Data

4 Oct 2024 , 09:00 AM

The dollar hovered near a six-week high on Friday, poised for its biggest weekly gain since April due to safe-haven demand amid rising Middle East tensions.

The dollar index, which measures the US dollar against six rivals, was last at 101.92, not far off its six-week high of 102.09 on Thursday. For the week, the index is up 1.5%.

Market action is expected to be muted ahead of U.S. non-farm payrolls data, which are coming later in the day and will help define the Federal Reserve’s interest rate stance.

The euro remained stable at $1.1034 after falling 1.18% this week, while sterling fell 1% on Thursday after Bank of England Governor Andrew Bailey’s dovish comments.

According to data released on Thursday, the number of Americans filing new applications for unemployment benefits grew little last week, indicating that the US labour market was sliding at the end of Q3.

Economists polled by Reuters estimate 140,000 job creation, with the unemployment rate remaining stable at 4.2%.

On Friday, the pound last traded at $1.3131, close to the three-week low of $1.3093 set on Thursday.

The U.S. jobs report comes as markets cope with a better US economic picture and more hawkish tone from Fed Chair Jerome Powell, who on Monday shattered some expectations that the Fed will go big on interest rate cuts.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Dollar
  • Euro
  • Sterling
  • Yen
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