U.S. Dollar Quiet as Focus Shifts to Critical Jobs Report
Dow Jones13:22
0522 GMT - The U.S. dollar index traded in a tight range around 99.95 in a quiet Asian session. The focus now shifts to U.S. non‑farm payrolls for July, which is a key input into the timing of the Fed's eventual tightening cycle. The unemployment rate will need to fall further before the Fed will raise interest rates, says Carol Kong, FX strategist at CBA. CBA is forecasting the U.S. unemployment will hold steady at 4.2% in July. Markets are currently pricing around a 55% chance of a September hike by the Fed, but Kong says she expects the central bank to wait until December before starting a modest tightening cycle.
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