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Dollar posts third straight weekly rise after upbeat US payrolls report
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Last Updated: Apr 03, 2021, 02:52 PM IST
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Synopsis
Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden administration s planned stimulus of more than $2 trillion and a rapid COVID-19 vaccine rollout spurred economic optimism as well as inflation fears. The overall strength of the labor market is likely to prove dollar-positive, said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington.
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NSE
NEW YORK: The
dollar rose on Friday in thin trading, posting its third straight weekly gain, after data showed the world s largest economy created more jobs than expected in March, suggesting it is on a steady path to recovery from the pandemic.
March 12, 2021 - Written by Frank Davies
Despite some stronger than expected UK data today, the British Pound to US Dollar (GBP/USD) exchange rate slipped from its best levels all week. The US Dollar has also been recovering slightly from its mid-week slump, overall ending a mixed week which saw strong performance from both the Pound and US Dollar. Looking ahead, key US data and policy decisions from both the Federal Reserve and Bank of England (BoE) may drive the pair next week.
Since opening this week at the level of 1.3833, GBP/USD has been climbing. It quickly recovered from last week’s monthly low of 1.3795 and recovered all of last week’s losses too. Yesterday, GBP/USD touched on a weekly high of 1.4003.