Dollar rises as markets await jobs data

The dollar rose against major currencies on Friday, but within a narrow range as traders awaited the monthly jobs report for evidence of the pace of the return of the policies of the Federal Reserve (the US central bank) to normal.
The dollar index, which measures the performance of the US currency against a basket of six other major currencies, rose (0.1%) to record 94.278, close to last week’s peak of 94.504.The dollar rose (0.26%) to 111.91 yen and touched 111.93, the highest level this month, supported by the rise in financial bond yields, with the ten-year benchmark bonds reaching 1.6010% for the first time since June 4th.

The euro consolidated around $1.1550 after falling on Wednesday to a 14-month low of $1.1529.

The Fed said it is likely to start reducing its monthly bond purchases in November and may continue to raise interest rates next year as the US central bank’s shift away from coronavirus response policies gathers momentum.

A Reuters poll expected Friday’s non-farm payrolls data to show continued improvement in the labor market, with expectations of adding 500,000 jobs in September, although estimates ranged between 250 thousand and 700 thousand jobs.

On the other hand, the Australian dollar fell (0.22%) to $0.7297, after rising (0.55%) Thursday. And earlier touched $0.7324 for the second day in a row, its strongest performance since September 16.

The British pound fell (0.1%) to 1.3600 dollars, retaining most of its gains made on Thursday, amounting to (0.26%).

The Canadian dollar was little changed and settled at 1.25515 per dollar, after hitting its highest level in a month at 1.2534 Canadian dollars earlier, due to the rise in oil prices.

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