Dollar steadies as US economy stays resilient; eyes on nonfarm payrolls

economictimes.indiatimes.com:

dollar held tight ranges on Friday as investors awaited a key U.S. jobs report and weighed the prospect of higher-for-longer Federal Reserve interest rates against the economic growth outlook. The closely watched nonfarm payrolls report is due later on Friday, where expectations are for the U.S.

economy to have added 225,000 jobs in June. The release follows data on Thursday that showed private payrolls surged last month while the number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting the labour market remained on solid ground. That sent U.S.

Treasury yields spiking as bets grew that the Fed has further to go in raising rates to tame inflation, keeping the dollar elevated in early Asia trade on Friday. Against the greenback, the euro slipped 0.02% to $1.0890, while the New Zealand dollar was nursing some of its losses from the previous session and rose 0.09% to $0.6163. Sterling was likewise lower against the dollar and last bought $1.2734, though it had on Thursday risen to a two-week high of $1.2780, as markets bet that the Bank of England will raise interest rates to 6.5% early next year, up from a previous expected peak of 6.25%.