NEW YORK (Reuters) – The dollar rose on Friday in line with rising U.S. Treasury yields, with investors focusing on when the Federal Reserve is likely to start cutting back on asset purchases.
The greenback fell from a one-month low reached last Friday after employment data for August showed job growth slowed, while wage inflation declined. increased more than expected.
However, it has yet to be able to establish a strong trend as investors await further clues as to when the Fed is likely to start cutting its bond purchases and possibly raising rates. .
The most important thing to me is when does the Fed raise rates, and unfortunately we might not know for a little while, said Erik Nelson, macro strategist at Wells Fargo. At New York.
Cleveland Fed Chairman Loretta Mester said on Friday she would still like the central bank to start cutting asset purchases this year, joining the chorus of policymakers making it clear that their plans to start cutting back on asset purchases. support had not been derailed by weaker job growth in August.
Fed officials grapple with increasing pressure on prices as job growth remains below targets.
Data from Friday showed that producer prices in the United States rose sharply in August, indicating high inflation is expected to persist for some time as supply chains remain strained as the COVID-19 pandemic extends.
The Wall Street Journal wrote on Friday that Fed officials will seek a deal at the Fed meeting in September to start cutting bond purchases in November.
The dollar index gained 0.05% to 92.57. It is up from a one-month low of 91.94 on Friday.
The US currency had plunged earlier on Friday due to improving risk sentiment following the announcement of the first speech by US President Joe Biden and Chinese leader Xi Jinping in seven months.
In a statement, the White House said Biden and Xi had had a broad strategic discussion, including areas where interests and values converge and diverge. The conversation focused on economic issues, climate change and COIVD-19, a senior US official told reporters.
The dollar last lost 0.13% to 6.4419 yuan, approaching a more than two-month low of 6.4233 yuan reached last week.
The euro fell 0.07% to $ 1.1816 on Friday, a day after the European Central Bank announced it would cut emergency bond purchases in the next quarter.
Currency bid prices at 3:04 p.m. (1904 GMT)
Description RIC Last closure US Pct Change YTD Pct High Bid Low Bid
Dollar index 92.5650 92.5320 + 0.05% 2.872% +92.6110 +92.3280
Euro / Dollar $ 1.1816 $ 1.1825 -0.07% -3.29% +1.1851 $ +1.1813
Dollar / Yen 109.8900 109.7150 + 0.19% + 6.42% +109.9850 +109.7000
Euro / Yen 129.85 129.73 + 0.09% + 2.31% +130.2700 +129.7000
Dollar / Switzerland 0.9179 0.9168 + 0.13% + 3.76% +0.9184 +0.9150
Pound sterling / dollar $ 1.3843 $ 1.3835 + 0.06% +1.33% +1.3888 $ +1.3834
Dollar / Canadian 1.2657 1.2665 -0.06% -0.60% +1.2672 +1.2583
Aussie / Dollar $ 0.7362 $ 0.7368 -0.07% -4.28% + $ 0.7409 + $ 0.7360
Euro / Switzerland 1.0846 1.0836 + 0.09% + 0.36% +1.0862 +1.0836
Euro / Sterling 0.8535 0.8543 -0.09% -4.50% +0.8547 +0.8521
NZ $ 0.7123 $ 0.7108 + 0.21% -0.81% + $ 0.7156 + $ 0.7092
dollars / dollars
Dollar / Norway 8.6500 8.6735 -0.22% + 0.79% +8.6820 +8.6180
Euro / Norway 10.2227 10.2552 -0.32% -2.33% +10.2700 +10.1910
Dollar / Sweden 8.6230 8.6070 + 0.07% + 5.20% +8.6252 +8.5945
Euro / Sweden 10.1892 10.1825 + 0.07% +1.12% +10.2019 +10.1715
Additional reporting by Ritvik Carvalho in London; Editing by Chizu Nomiyama
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