Dollar cements rebound after jobs data triggers tapering bets

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imageEconomy2 hours ago (Aug 09, 2021 16:25)

© Reuters. FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

By Caroline Valetkevitch

NEW YORK (Reuters) – The U.S. dollar index was little changed on Monday as investors assessed how rising COVID-19 cases in the United States might affect the outlook for the economy.

Earlier, bitcoin hit its highest in nearly three months. It was last up 4.3% at $45,726.71, while Ether was up 3.4% at $3,117.10.

The U.S. dollar index, which measures the greenback against a basket of currencies, was last up 0.07% at 92.916, near its four-month high of 93.194.

Data Monday showed U.S. job openings jumped to a fresh record high in June and hiring increased. That came on the heels of Friday’s U.S. monthly jobs report that showed U.S. employers hired the most workers in nearly a year in July and continued to raise wages.

The report pushed bond yields higher on the view that the Federal Reserve may act more quickly to tighten U.S. monetary policy. Fed officials have made a jobs market recovery a condition of tighter monetary policy.

“The market is struggling to balance signs of a stronger jobs market with rising Delta concerns,” said Adam Button, chief currency analyst at ForexLive. “Those opposing forces have left it largely unchanged.”

The dollar rose sharply following Friday’s jobs report.

COVID-19 infections in the United States rose by at least 22,783 on Sunday to 35.94 million total cases, according to a Reuters tally. The impact of the Delta variant in the United States has added to concerns as COVID-19 cases also are rising across Asia.

Against the dollar, the euro was down 0.2%.

The Japanese yen was little changed versus the greenback at 110.26 per dollar, while sterling was last trading at $1.3852, down 0.14% on the day.

Sharply lower oil prices weighed on the commodity-linked Australian dollar, which eased 0.2% to US$0.7334.

Speculators cut their net long dollar positions in the latest week, data showed on Friday, but they are still positioned for its gains.

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Currency bid prices at 11:03AM (1503 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Dollar index

92.9160 92.8710 +0.07% 3.262% +92.9620 +92.7180

Euro/Dollar

$1.1744 $1.1763 -0.16% +0.00% +$1.1769 +$1.1741

Dollar/Yen

110.2650 110.2350 +0.05% +0.00% +110.3300 +110.0300

Euro/Yen

129.49 129.65 -0.12% +0.00% +129.6700 +129.4000

Dollar/Swiss

0.9193 0.9152 +0.48% +0.00% +0.9197 +0.9147

Sterling/Dollar

$1.3852 $1.3875 -0.18% +0.00% +$1.3894 +$1.3846

Dollar/Canadian

1.2581 1.2552 +0.24% +0.00% +1.2588 +1.2532

Aussie/Dollar

$0.7335 $0.7355 -0.27% +0.00% +$0.7364 +$0.7329

Euro/Swiss

1.0797 1.0758 +0.36% -0.09% +1.0799 +1.0757

Euro/Sterling

0.8476 0.8475 +0.01% -5.16% +0.8486 +0.8462

NZ

Dollar/Dollar $0.7000 $0.7011 -0.14% -2.51% +$0.7026 +$0.6980

Dollar/Norway

8.9485 8.8995 +0.67% +0.00% +8.9570 +8.9075

Euro/Norway

10.5099 10.4590 +0.49% +0.41% +10.5184 +10.4449

Dollar/Sweden

8.7046 8.6640 +0.25% +6.20% +8.7099 +8.6597

Euro/Sweden

10.2242 10.1985 +0.25% +0.00% +10.2263 +10.1886

Dollar index near flat as COVID worries offset upbeat economic data

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