Dollar resumes gains ahead of US jobs data
2023-12-08 08:53AM UTC

Dollar rose in European trade on Friday against a basket of major rivals, resuming gains and approaching three-week highs ahead of US jobs data. 


The data will provide fresh clues on the likely path ahead for the Federal Reserve's monetary policies.


The Index


The dollar index rose 0.15% to 103.80, with a session-low at 103.44, after losing 0.5% yesterday on profit-taking away from a three-week high at 104.23. 


USD/JPY lost 2% on Thursday after bullish remarks from Bank of Japan Governor Kazuo Ueda boosted the chances of an early exit from Japanese negative rates schemes. 


The index remains up 0.6% so far on track for the first weekly profit in a month ahead of the crucial US payrolls report. 


US Rates


The odds for a Fed interest rate hike at the December meeting stood at just 2%.


Odds for an interest rate cut at the Fed March 2024 meeting stood at 60%, while odds for such a cut at the May meeting stood at 85%.


US Jobs Data


Now investors await the all important US payrolls data in November, with the economy expected to have added 336 thousand new jobs in October.


The unemployment rate is expected at 3.9%, while average hourly earnings are expected up 0.3% last month. 

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