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The US dollar traded flat while sterling continued to tick up

By Rana Gharib
11 May,2024
The US dollar traded flat while sterling continued to tick up

The greenback muted on Friday following overnight dips versus the euro and the pound amid the US job figures that manifested more hints of eased labour markets and accordingly spiked likelihood of interest rate cut in 2024.

The greenback plunged after the release of initial claims for unemployment in the US that climbed, raising bets of soon interest rate cut.

The dollar index that gauges the greenback versus its major pairs advanced at 105.28.

EUR/USD muted at $1.0776, steadying after touching 0.3% gain overnight.

USD/JPY dipped to 155.615 but failed to regain the high of 155.95 set on Thursday.

GBP/USD added 0.2% at $1.2515, amid the release of the US figures, rebounding from a dip of $1.2446, a trough not seen since April 24, after the BOE implied for interest rate trim.

The U.S. producer pricing index for April and the consumer price index, scheduled to release the following week, will be widely watched by traders for indications that inflation has started to decline again in the direction of the Fed's 2% target rate.

 

 

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