Dollar in driver's seat as payrolls loom; sterling battered | Malay Mail

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Dollar in driver's seat as payrolls loom; sterling battered | Malay Mail
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TOKYO, Nov 5 ― The dollar was on course for a second straight week of gains against major peers today, ahead of a key US jobs report that could sway the timing of Federal Reserve interest rate increases. Sterling headed for its worst week in 11 after the Bank of England caught the market...

TOKYO, Nov 5 ― The dollar was on course for a second straight week of gains against major peers today, ahead of a key US jobs report that could sway the timing of Federal Reserve interest rate increases.

The British pound was little changed today following a 1.36 per cent tumble in the previous session that set it up for a 1.34 per cent slump for the week. Also on Wednesday, Fed Chair Jerome Powell said he was in no rush to hike borrowing costs, even as the Federal Open Market Committee announced a US$15 billion monthly tapering of its US$120 billion in monthly asset purchases.

“Payrolls this week should be at least as strong as consensus given signs that recovery momentum is accelerating again,” making dips into the mid-93s a buying opportunity for the dollar index, they said. The Reserve Bank of Australia set the tone for the week on Tuesday, when policy makers stuck to their dovish stance in the face of increasingly sticky inflation pressures.

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