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The greenback plunged before the release of NFP figures, yen on course for massive weekly gains

By Rana Gharib
03 May,2024
The greenback plunged before the release of NFP figures, yen on course for massive weekly gains

The U.S. dollar drifted marginally lower Friday, with activity muted ahead of the widely-watched monthly U.S. jobs report, and the Japanese yen set for its next week in more than a year.

The dollar index that gauges the greenback versus its major pairs muted ahead the most awaited US job data, and the yen is anticipated for the next week during the year.

The greenback has been retreating for the majority of the week following Fed Chair Jerome Powell, quashed hopes of higher interest rate, hinting that the US central bank, was still gearing towards final rate cuts, even if they may need more time to come than projected at the beginning.


EUR/USD edged up by 0.2% higher to 1.0743, buoyed by the latest greenback slump.


GBP/USD ticked up 0.2% to 1.2555, following the release of UK PMI figures.


USD/JPY slumped by 0.2 to 153.26, gearing towards with pair gearing towards, gearing towards a weekly drop over 3%, its biggest dip since December 2022.

 

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