“There are some factors working against the dollar today, but it’s mostly risk-on sentiment,” said John Doyle, vice president of operations and transactions for Monex USA.
News that China will ease some COVID restrictions is helping bolster risk appetite, which plays against the safe-haven dollar, Doyle said.
dollar index, which tracks the performance of the US currency against six currency pairs, It was down 0.8% at 101.78, on track to snap a two-day winning streak.
The dollar found little support in data that showed US private payrolls rose much less than expected in May.which would suggest that the labor demand was beginning to slow amid higher interest rates and tougher financial conditions, although job offers remain extremely high.
Riskier currencies including the Australian dollar and New Zealand dollar advanced against their US counterparts, gaining 1.17% and 1.20%, respectively.
The Swiss franc rose 0.5% against the dollar, after Swiss prices rose to a 14-year high in May, with Switzerland becoming the latest country to be hit by higher fuel and food costs than affect economies around the world.
As for cryptocurrencies, Bitcoin barely changed, standing at $30,070.99, after falling 6% on Wednesday as the world’s largest digital currency by market value continued to struggle to overcome the selling pressure it has been mired in in recent weeks.
Source: Ambito
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