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Dollar is dented as data bolsters

hope for economic recovery
REUTERS TOKYO — The U.S. dollar fell against the Antipodean currencies and the
STANLEY WHITE
British pound after surprising improvement in U.S. labor market data bolstered
June 7, 2020 expectations for economic recovery, which reduced safe-harbor demand for
8:34 PM EDT
the greenback.
Filed under
PMN Business
The Australian and New Zealand dollars both rose to their highest since
Comment January after data showed a smaller-than-expected fall in Chinese exports,
which supports commodity currencies.
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In contrast, the U.S. dollar traded near its highest in more than two months
Twitter against the yen, supported by recent gains in long-term Treasury yields as
investors await the outcome of a U.S. Federal Reserve meeting.
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Sentiment has improved dramatically in the currency market as traders focus

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on signs of a rebound from the coronavirus outbreak, which has hurt the dollar
and driven money into so-called risk-on trades.
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“Commodities and emerging market currencies are clearly finding it easier to FEATURED ARTICLES
rise against the dollar on hopes of economic recovery, but it is a different story
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FOR YOU when it comes to the yen,” said Junichi Ishikawa, senior foreign exchange
strategist at IG Securities in Tokyo.

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“For dollar/yen the focus is more on yields, which is pushing the currency pair
higher.”

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The Australian dollar rose 0.34% to $0.6993, approaching the highest since

These are the Jan. 2.

investments you
should consider The New Zealand dollar rose to $0.6533, the highest since Jan. 29.
adding to your
portfolio right now Against the pound, the dollar fell 0.25% to $1.2704 in Asia on Monday, close
to its lowest since March 12.

The dollar traded at 109.67 yen, close to a two-month high set on Friday.

The U.S. economy unexpectedly added jobs in May after suffering record
losses in the prior month, data on Friday showed.

The jobless rate also fell to 13.3% last month from a post-World War Two high
of 14.7% in April, offering hope that the world’s largest economy is starting to
stabilize after the pandemic triggered a wave of job cuts.

Some investors may avoid making big trades before the Federal Reserve
meeting ending on Wednesday to see how Chairman Jerome Powell views a
recent rise in 10-year Treasury yields and a steepening in the yield curve.

The onshore yuan is in focus after data on Sunday showed exports from
China, the world’s second-largest economy, fell less in May than the market
expected.

The pandemic first emerged in China late last year and has caused a sharp
contraction in global economic activity, but many traders are now focused on
the pace of recovery in the second half of this year.
 Some analysts said there are still many risks to the outlook, including
diplomatic tension between the United States and China, and the U.S.
presidential election later this year.

Net short U.S. dollar positioning fell to $8.17 billion in the week ended June 2
from $8.6 billion the previous week, showed U.S. Commodity Futures Trading
Commission data released on Friday, which may discourage some investors
from selling the dollar further.

The euro rose to $1.1314 as the common currency continued to ride a wave of
optimism after the European Central Bank said last week it will increase bond
purchases to help the bloc’s weakest economies.

Sentiment will face a test later on Monday with the release of data forecast to
show that German industrial output fell the most on record in April.

(Reporting by Stanley White; Editing by Christopher Cushing)

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