Market news
02.07.2021, 07:20

Asian session review: the US dollar was trading steadily against major currencies

During today's Asian trading, the US dollar consolidated against major currencies, remaining near a three-month high. Traders expect that strong data on the US labor market may push it even higher.

Analysts expect an increase in the number of jobs in June by 700 thousand and a decrease in unemployment to 5.6% from 5.8% in May.

Data on the labor market are key for the policy of the Federal Reserve System, along with inflation indicators. The dynamics of employment will largely depend on when the Federal Reserve will begin to curtail large-scale stimulus measures introduced at the peak of the coronavirus pandemic.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose by 0.02%.

"The dollar started July strongly; if today's nonfarm payrolls data meets or exceeds the forecast, this will support its momentum," DBS Bank noted.

"In 2021, there was a tendency for the dollar to show an asymmetric reaction to labor data: the result below the forecast led to a greater depreciation of the dollar compared to the growth provoked by stronger than expected figures," ING said.

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