Dollar heads for third weekly gain as payroll data approaches By Reuters

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© Reuters. US one dollar bills are seen in this illustration.

By Stanley White TOKYO (Reuters) – The dollar stabilized on Friday ahead of US data expected to show an increase in job creation and a lower unemployment rate for March as the world’s largest economy maintains a steady recovery from the pandemic. Sentiment for the dollar has improved in recent weeks, while Treasury yields have skyrocketed, as the Biden administration’s planned stimulus of more than $ 2 trillion and a rapid rollout of the COVID-19 vaccine. they stimulated economic optimism and inflation fears. While trading is likely to wind down on Friday with many financial markets closed for the Easter holiday, analysts say the dollar’s rise to multi-month highs is likely to continue as more investors bet on the economic recovery. . “It‘s not just speculators who are betting on the dollar,” said Yukio Ishizuki, currency strategist at Daiwa Securities. “Asset managers are also reducing their short positions in other currencies to make way for a higher dollar.” “As the economy improves and Treasury yields rise, so will the dollar,” added the strategist. The dollar last traded at 110.62 yen, not far from its strongest level in a year. Against the euro, the dollar was trading at $ 1.1777, close to a five-month high. The dollar was stable at 0.9417 Swiss francs, after losing 0.2% on Thursday. The British pound changed little to $ 1.3843. US non-farm payrolls due later on Friday are projected to have risen by 647,000 in March from 379,000 in February. The unemployment rate is expected to fall to 6.0% from 6.2%. The, an indicator of its value against the six major currencies, stood at 92,862, on the way to its third consecutive week of gains. Major currencies are not expected to move much on Friday with financial markets closed in Australia, Singapore, Hong Kong, Britain, Europe and the United States, analysts said. On the other hand, the Australian dollar rose to $ 0.7629, after falling to a three-month low in the previous session. Across the Tasman Sea, the New Zealand dollar was trading at $ 0.7034. In the cryptocurrency market, bitcoin briefly rose above $ 60,000 for the first time in two weeks, but then cut gains to trade 1.49% at $ 59,601. The rival digital currency’s ether was up 1.39% to $ 1,994.

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