SINGAPORE : The dollar held tight ranges on Friday as investors awaited a key U.S. jobs report and weighed the prospect of higher-for-longer Federal Reserve interest rates against the economic growth outlook.The closely watched nonfarm payrolls report is due later on Friday, where expectations are for the
SINGAPORE : The dollar held tight ranges on Friday as investors awaited a key U.S. jobs report and weighed the prospect of higher-for-longer Federal Reserve interest rates against the economic growth outlook.
That kept U.S. Treasury yields elevated as bets grew that the Fed has further to go in raising rates to tame inflation, though the dollar traded in a narrow range as markets stayed on guard ahead of the payrolls release. "The strong data boosted market expectations for a second FOMC rate hike, which previously wasn't considered as possible," said Carol Kong, a currency strategist at Commonwealth Bank of Australia, referring to an additional rate hike from the Fed after this month's likely 25-basis-point increase.
The two-year Treasury yield, which typically reflects near-term interest rate expectations, was elevated near 5 per cent, having surged to a 16-year high of 5.12 per cent on Thursday. "The bond market, at least, is still concerned about the impact of restrictive monetary policy in the U.S. on the economy, and in fact, we still expect the U.S. economy to enter a recession later this year," said Kong.
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