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Market Update: Dollar at 3-Month High ahead of Payrolls
The dollar index extended gains for a 5th straight session to 92.6 on Friday, the highest since April 6th and is heading for a nearly 1% gain on the week. Investors await the payrolls report which could provide further clues on the Fed tapering timeline. A strong employment number and rising wages would likely raise expectations the Fed would tight soon. The DXY uptrend accelerated since Federal Reserve officials signaled they expect two rate hikes by the end of 2023 during the last policy meeting on June 16th. Also, US Federal Reserve Governor Christopher Waller noted this week that the central bank may need to start dialing down its massive asset purchase program as soon as this year to allow the option of raising interest rates by late next year. [/s2If]
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