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Forex News: U.S. Dollar Appreciates Ahead Of Nonfarm Payrolls Release

U.S. Dollar Appreciates Ahead Of Nonfarm Payrolls Release

10/08/2021 - 04:25:00 (RTTNews)

(RTTNews) - The U.S. dollar gained ground against its major counterparts in the Asian session on Friday, amid a spike in U.S. treasury yields before the release of U.S. nonfarm payrolls data that is likely to pave way for a reduction in stimulus.

Economists forecast a rise of 488,000 jobs in the month of September, while the jobless rate is seen falling to 5.1 percent from 5.2 percent.

A solid data could intensify hopes that the U.S. Federal Reserve could move towards tapering at its meeting next month.

The U.S. debt ceiling concerns receded after Senate approved a legislation to raise the debt limit by $480 billion that would run through early December.

Oil prices rose after the U.S. Department of Energy stated that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market.

The greenback touched 2-day highs of 0.9305 against the franc and 1.1541 against the euro, up from yesterday's closing values of 0.9277 and 1.1550, respectively. The greenback is seen finding resistance around 0.95 against the franc and 1.125 against the euro.

The greenback climbed to an 8-day high of 111.99 against the yen from Thursday's closing quote of 111.61. If the currency rises further, 113.00 is possibly seen as its next resistance level.

The greenback reached as high as 1.3586 against the pound, compared to yesterday's close of 1.3613. On the upside, 1.34 is possibly seen as its next resistance level.

The greenback edged up to 0.7288 against the aussie and 0.6909 against the kiwi, off its early session's low of 0.7324 and a 2-day low of 0.6949, respectively. The greenback had ended Thursday's trading at 0.7307 against the aussie and 0.6923 against the kiwi. The next possible resistance for the greenback is seen around 0.70 against the aussie and 0.68 against the kiwi.

The greenback rebounded to 1.2559 against the loonie, after touching 1.2533, which was its lowest level since September 7. At yesterday's trading close, the pair was worth 1.2548. The currency may face resistance near the 1.27 level.

Looking ahead, U.S. and Canadian jobs data for September and U.S. wholesale inventories for August will be released in the New York session.

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