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Forex News: U.S. Dollar Appreciates As Jobs Data In Focus

U.S. Dollar Appreciates As Jobs Data In Focus

07/02/2021 - 03:28:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the Asian session on Friday, as investors look forward to U.S. nonfarm payrolls data due later in the day for more clues on the Fed's QE tapering and a rate hike move.

The jobs report is forecast to show an increase of 690,000 jobs in June from 559,000 jobs in May. The jobless rate is expected to fall to 5.7 percent from 5.8 percent in the previous month.

The International Monetary Fund raised U.S. growth forecasts for this year and next due to receding COVID-19 cases and the unprecedented fiscal and monetary support.

The agency said that the Federal Reserve would likely need to start scaling back the asset purchase program in the first half of 2022 and raise policy rates in late-2022 or early-2023.

Overnight data showing a drop in jobless claims and a continued expansion in the manufacturing activity indicated that economic recovery is gathering pace.

In an interview with The Wall Street Journal, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday that he favours slowing down the pace of its asset purchase program later this year.

The greenback climbed to 111.66 against the yen, its strongest level since March 2020, and held steady thereafter. If the greenback rises further, 113 is possibly seen as its next resistance level.

The greenback rose to 0.9265 against the franc from Thursday's close of 0.9253. The greenback is likely to find resistance around the 0.94 area.

The greenback hit nearly a 3-month high of 1.1835 against the euro, up from yesterday's close of 1.1848. The greenback is seen finding resistance around the 1.16 area.

The greenback edged up to 1.2445 against the loonie and a session's high of 1.3752 against the pound, compared to yesterday's closing values of 1.2429 and 1.3757, respectively. The next possible resistance for the greenback is seen around 1.26 against the loonie and 1.34 against the pound.

The greenback spiked higher to 0.7456 per aussie, a level not seen so far this year. The greenback is poised to find resistance around the 0.72 mark.

The greenback touched 0.6957 against the kiwi, setting an 11-day high. The greenback may locate resistance around the 0.68 level.

Looking ahead, Eurozone PPI for May is due in the European session.

U.S. jobs data for June, U.S. and Canadian trade data, Canada building permits and U.S. factory orders, all for May, will be released in the New York session.

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