Commodity News
HeadLine : Dollar drifts below one-year high as payrolls test looms large
Date : Oct 5 2021
The Australian dollar maintained a three-day gain, trading little changed at $0.72905 from the day earlier, when it touched a four-day high of $0.73045. The Reserve Bank of Australia meets on Tuesday, with economists polled by Reuters unanimously predicting no change to the policy rate. The U.S. dollar index, which measures the currency against six rivals, was about flat at 93.845, easing back slightly since peaking Thursday at 94.504, its highest since late September 2020.That followed a rally of as much as 2.8% since Sept. 3 as traders rushed to price in tapering as soon as next month and possible rate rises next year, while the currency also benefited from safe-haven demand amid worries spanning the risk of global stagflation to the U.S. debt ceiling standoff. Friday’s nonfarm payrolls data is expected to show continued improvement in the labour market, with a forecast for 488,000 jobs to have been added in September, according to a Reuters poll - enough to keep the Fed on course to begin tapering before year’s end.

Source: Reuters
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