TOKYO - The dollar steadied on Friday ahead of data from the United States that is expected to show an increase in job creation and a lower unemployment rate for March, highlighting a steady recovery from the pandemic in the world’s largest economy.
Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden government’s over $2 trillion stimulus plan and a rapid COVID-19 vaccine response spurred economic optimism as well as inflation fears. “It’s not just speculators that are betting on the dollar,” said Yukio Ishizuki, foreign exchange strategist at Daiwa Securities. “Asset managers are also cutting their shorts in other currencies to make way for a dollar surge.”
The dollar index, a gauge of its value against six major currencies, stood at 92.862, on course for its third consecutive week of gains.
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