The dollar was trying to end the week with a firmer tone on Friday as markets sc...
SYDNEY - The dollar was trying to end the week with a firmer tone on Friday as markets scaled back bets on a U.S. rate cut and some speculated that looming jobs data could surprise on the high side.
The dollar has edged higher since Fed Chair Jerome Powell played down the recent slowing in inflation and saw no reason to cut interest rates. Against the yen, the dollar was idling at 111.48 having spent the entire week in a snug 111.03-111.89 band. “The USD will be helped by having a pre-existing yield advantage, with a central bank that is trying hard to send a steady policy message.”
Analysts at NAB reckon there is a chance of an even stronger number, given the run of leading indicators and the fact that March was held back by poor weather that cleared in April.The risk for bulls would be a soft wages print, given the Fed’s focus on inflation right now. The median forecast is for average earnings growth of 3.3 percent and anything less could take the shine off the dollar.
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