Dollar on defensive ahead of U.S. jobs data

07.05.2021 - Petr Mazaylo
Dollar on defensive ahead of U.S. jobs data

The dollar was on the defensive on Friday ahead of a key U.S. jobs report that could cement hopes for a strong economic recovery and improve appetite for stocks, currencies and commodities. 

The dollar index traded near 90.868, its lowest level so far in the week. It lost nearly 0.4% overnight. The pound stood at $1.3896, losing gains made on Thursday. 

As the dollar softened against most currencies, the euro gained 0.5% to $1.2063 on Thursday. Against the yen, the dollar fell to 109.05, almost flat so far in the week.

The loonie climbed nearly 1% overnight to a 3-½-year high of C$1.21455. It last stood at C$1.2157. The currency has been boosted by oil price gains and the Bank of Canada’s recent shift to more hawkish guidance. 

The Chinese yuan firmed near a two-month high, trading at 6.4655 against the dollar in offshore trade. It stood just below the 6.4613-high hit on April 30.

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