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The dollar fluctuates against the major currencies
Economical 2023/05/06
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Capitals: agencies
The dollar was softer against other major currencies on Friday, as problems in the banking sector added to talk of US interest rate cuts later this year, ahead of the long-awaited monthly US jobs report.
Sterling rose to its highest level in almost a year, the euro recovered some of the losses incurred after Thursday's European Central Bank meeting, and the yen was poised for its first weekly gain in nearly a month - benefiting from safe-haven demand.
The dollar index, which measures the dollar's value against other major currencies, was softer at 101.31, poised for a second consecutive week of declines.
Growing expectations of a Fed rate cut later this year dampened the outlook for the dollar, while fresh turmoil among US banks raised recession risks and increased speculation that the Fed may soon reverse course.
The central bank raised interest rates by a quarter of a point on Wednesday and signaled it may halt an aggressive tightening campaign.
US regional bank stocks fell this week with the collapse of First Republic and Los Angeles-based Backwest Bancorp (PACW.O) said it would explore its strategic options.
"Conviction is rising that credit conditions will tighten and the US economy will slow more than it otherwise would, and that takes the heat out of inflation and sets the stage for the Fed to cut interest rates," said Chris Turner, Head of Global Markets at ING.
Traders priced in more aggressive rate cuts from the Fed, with Fed Funds futures indicating a slim chance that cuts could come as soon as July.
The April Nonfarm Payrolls report later on Friday may provide the next direction for the currency markets.
Economists predicted that the US economy would create 180,000 new jobs, compared to 236,000 in March.
Data released earlier this week showed that the US services sector maintained a steady pace of growth in April, indicating that inflation remains flat, while US private sector employers boosted hiring last month.
The dollar settled at 134.26 yen, although the Japanese currency was on track for a weekly gain of 1.5%, after three consecutive weeks of losses.
The pound sterling jumped more than a third of a percent to $1.2633, its highest level in almost a year. It increased by 0.2 percent, at 87.44 pence per euro.
The euro was marginally steady at $1.1021, holding below a one-year high. It came under selling pressure on Thursday after the European Central Bank on Thursday slowed the pace of interest rate increases with a 25 basis point increase. He pointed out that the previous moves had an impact on the economy.
Although ECB President Christine Lagarde indicated more tightening ahead, the markets scaled back their expectations on how much further interest rate hikes would be.
The Australian and New Zealand dollars were among the biggest beneficiaries of the dollar's slide, touching multi-week highs, although the kiwi later pared its gains.
Meanwhile, the US dollar fell 1% to NOK 10.58, while the Swiss franc weakened after data showed that Swiss annual inflation fell more than expected in April.
The dollar was last up 0.64% at 0.8915 Swiss francs.
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