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The dollar is hovering near a one-year high
Shafaq News/ The US dollar returned to a one-year high against its major competitors on Tuesday ahead of the major jobs report at the end of the week while the price of the cryptocurrency Bitcoin reached $50,000 for the first time in four weeks.
The Australian dollar was among the biggest losers, with the Reserve Bank of Australia confirming that it does not expect to raise interest rates until 2024.
The US dollar index, which measures the currency against six rivals, rose 0.13% to 93.932, rebounding towards Thursday's peak at 94.504, the highest level since late September 2020.
The index has climbed 2.8% since Sept. 3, as traders scrambled to price a cut in economic stimulus this year and the prospect of higher interest rates for 2022.
The dollar also benefited from safe haven demand amid concerns ranging from the risks of global recession inflation to facing the US debt ceiling.
A Reuters poll showed that Friday's non-farm payroll data is expected to show a continued improvement in the labor market, with 488,000 jobs expected to be added in September.
Meanwhile, the Asia-Pacific stock index (.MIAP00000PUS) was down 0.74% after tumbling 1.3% overnight for the S&P 500 (.SPX).
The Australian dollar was down 0.1% at $0.7281, retreating further from Monday's four-day high of $0.73045.
The New Zealand dollar fell 0.34% to $0.6939, also retreating from a four-day high of $0.6981. The Reserve Bank of New Zealand (RBNZ) decided policy on Wednesday, with markets pricing in a quarter-point increase in interest rates.
The dollar rose 0.25% to 111.19 yen, while the euro weakened 0.21% to $1.15965.
The pound rose 0.15 percent to $1.3629 and hit a three-week high against the euro at 85.11 pence.
While the consensus view is for more gains for the dollar - with speculators pushing net long bets to their highest levels since March 2020.
Meanwhile, cryptocurrencies are on the rise. Bitcoin, the world's largest cryptocurrency by market capitalization, reached $50,000 for the first time since September 7.
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The Australian dollar was among the biggest losers, with the Reserve Bank of Australia confirming that it does not expect to raise interest rates until 2024.
The US dollar index, which measures the currency against six rivals, rose 0.13% to 93.932, rebounding towards Thursday's peak at 94.504, the highest level since late September 2020.
The index has climbed 2.8% since Sept. 3, as traders scrambled to price a cut in economic stimulus this year and the prospect of higher interest rates for 2022.
The dollar also benefited from safe haven demand amid concerns ranging from the risks of global recession inflation to facing the US debt ceiling.
A Reuters poll showed that Friday's non-farm payroll data is expected to show a continued improvement in the labor market, with 488,000 jobs expected to be added in September.
Meanwhile, the Asia-Pacific stock index (.MIAP00000PUS) was down 0.74% after tumbling 1.3% overnight for the S&P 500 (.SPX).
The Australian dollar was down 0.1% at $0.7281, retreating further from Monday's four-day high of $0.73045.
The New Zealand dollar fell 0.34% to $0.6939, also retreating from a four-day high of $0.6981. The Reserve Bank of New Zealand (RBNZ) decided policy on Wednesday, with markets pricing in a quarter-point increase in interest rates.
The dollar rose 0.25% to 111.19 yen, while the euro weakened 0.21% to $1.15965.
The pound rose 0.15 percent to $1.3629 and hit a three-week high against the euro at 85.11 pence.
While the consensus view is for more gains for the dollar - with speculators pushing net long bets to their highest levels since March 2020.
Meanwhile, cryptocurrencies are on the rise. Bitcoin, the world's largest cryptocurrency by market capitalization, reached $50,000 for the first time since September 7.
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