Currency Buzz: Dollar Extends Rebound Ahead Of NFP

1 Apr 2022 , 02:50 PM

The US dollar extended its bounce back on Friday tracking gains in treasury yields as risk sentiment weakened in response to lack of any progress in the Russia-Ukraine peace talks so far. The dollar index recovered 98 mark and is slowly seen approaching 99 levels ahead of a key U.S. jobs report that could help the Federal Reserve decide whether to make an interest rate hike of up to 50 basis points next month. The greenback remains propped up as current elevated inflation signals potential more aggressive tightening stance from the Fed driving higher US yields. Besides, Nonfarm Payrolls will take centre stage along with the Unemployment Rate, the ISM Manufacturing and Construction Spending data. The dollar index, that measures the greenback against a basket of currencies is currently quoting at 98.50.

Powered by Commodity Insights