September 01, 2023 / 03:05 PM IST
Sensex Today | Dollar set for weekly loss ahead of key jobs data; PBOC buoys yuan
The dollar was on course to snap a six-week winning streak against other major currencies on Friday, as it headed into a pivotal monthly U.S. jobs report that is likely to shape the path for Federal Reserve policy over the near term.
A drop in U.S. Treasury yields this week after mostly soft economic data sent the dollar to a one-week low against the yen.
However, the greenback held on to gains made against the euro and sterling overnight after officials at the respective central banks struck more dovish postures ahead of policy meetings this month.
Elsewhere, the yuan strengthened after the People’s Bank of China cut forex reserve requirements for the first time in a year.
The U.S. dollar index – which measures the currency against a basket of six others, including the euro, sterling and yen – eased 0.12% to 103.61 on Friday, bringing declines this week to 0.53%. It posted its strongest monthly performance in August in three months, with a gain of 1.7%.
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