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Ahead of the payouts, the dollar appreciates and recovers against the yen

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In Science and Space: The dollar continued its rally against key rivals on Friday and the yen strengthened ahead of a major US jobs report that could solidify the chances of a 50 basis point rate hike by the US Federal Reserve next month. It also resumed its rise. The U.S. currency was also upheld for its good safe-haven status as peace talks between Russia and Ukraine stalled, but are set to reopen later on Friday. Euro and yen included.

The Dollar Index, which measures the US dollar against its six counterparts, rose 0.10% to 98.420, based on Thursday’s gain of 0.50%. Mid-week, it fell to a four-week low of 97.681 in a month-long rally following a breathtaking rise to a nine-month high of 99.415. The Federal Open Market Committee (FOMC) is next set to make a policy decision on his May 5th, and CME Group’s FedWatch tool shows a 71% chance of a half-point rate hike.

Given the profile, it shows that the backbone (and) upside potential remains overnight,” Westpac strategists wrote in a note to clients.  They predicted that the Dollar Index would cross 100 “in the coming weeks”, his second of two FOMC meetings taking place on June 14 and his on the 15th. The dollar climbed 0.41% to 122.18 yen, marking the first rise in four days following movements in long-term US Treasury yields.

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