US Dollar Extends Gains on Hints of Job Recovery, BoE Next

The US dollar traded higher against most of the major currencies today on the back of better than expected data and uptick in Treasury yields. Ten year Treasury yields rose more than 4% while the 30 year rate rose to its highest level since March 2020. Vaccine optimism continues to keep US assets in demand but the sharp rise in ADP and higher ISM services report helps as well. The employment component rose to 55.2 from 48.7, a sharp improvement that represents a return of jobs. With non-farm payrolls scheduled for release on Friday, today’s reports give us plenty of reasons to expect hiring to resume at the start … (full story)

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