On Thursday, ADP’s National Employment Report showed US private-sector payrolls rose at a slower-than-expected pace last month.
Business on Friday was limited because the financial markets of China, Hong Kong and the United Kingdom are closed for holidays.
The dollar index was flat at 101.81 against a basket of peer currencies, giving the euro stability at $1.0743.
Investors have mixed views on the outlook for the dollar, which is still near its highest level in nearly 10 years.
George Saravelos, global head of foreign exchange at Deutsche Bank, said the dollar is “pricing in a safe-haven risk premium that is so extreme that it has rarely persisted over time and is now in the process of reversing.”
The most optimistic analysts argue that the Fed’s tightening cycle is based on a stronger growth record than Europe, especially after the Russian oil embargo measures that could damage the euro zone economy.
Among other currencies, the offshore yuan rose 0.4% against the dollar on low trading volumes to hit a one-month high of 6.6321, after recent positive signs for a domestic economy hit by restrictions. of COVID.
The yuan hit its lowest level since September 2020 at 6.83 per dollar in mid-May.
PMI survey data showed China’s factory activity contracted at a slower pace in May and Beijing authorities rolled out measures to support the city’s economy.
Source: Ambito
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