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, as the 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 spiked, as the Biden administration’s planned stimulus of over $2 trillion and a rapid COVID-19 vaccine roll out 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.”
U.S. nonfarm payrolls due later on Friday are forecast to have jumped by 647,000 in March from a 379,000 in February. The unemployment rate is expected to fall to 6.0% from 6.2%.
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