The dollar’s recent strength has been supported by a rapid sell-off of US government debt, pushing yields to multi-year highs.
The dollar’s recent strength has been supported by a rapid sell-off of US government debt,
The euro is on course for a record twelve consecutive weeks of decline against the dollar this Friday, unless employment data from USAwhich will be announced later, put downward pressure on the greenbackwhich currently remains the dominant currency.
Thus, the euro registers a slight advance to 1$.0575, moving away from the 10-month low reached on Tuesday at $1.0448. However, It is still expected to close the week with a slight decline, marking the longest streak of declines since its launch in 1999.
Movements in the euro/dollar pair have been largely driven by the performance of the greenbackand the dollar index, which compares the US currency to a basket of six major currencies, is on track for its 12th consecutive week of gains. The last time it reached such a milestone was in 2014.
The dollar’s recent strength has been supported by a rapid sell-off of US government debt, pushing yields to multi-year highs. Investors will be keeping an eye on U.S. nonfarm payrolls data due around midday in case the current situation changes.
Dollar: the data that could impact its price
“US payrolls are the featured event of the week and a strong reading could easily reverse the current market trend and revive strong dollar buying“said Francesco Pesole of ING.
In other aspects, the British pound, which hit six-month lows earlier in the week before recovering, has shown an increase of 0.16%, trading at $1.2211. Meanwhile, the yen remains under pressure, with the greenback gaining 0.36%, reaching 149.04 units.
On the other hand, the Swiss franc is trading stable at 0.9119 units against its US pair and the Australian dollar registers a fall of 0.2% to 0.6359 dollars, although with a weekly decrease of 1.2%.
Source: Ambito
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