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Dollar Weakens Ahead of Jobs Data, Fed Speeches
Tuesday, 3 December 2024 17:56 WIB | US DOLLAR |DOLLARDolar

The dollar weakened against all G10 currencies except the yen, which pared Monday's gains, ahead of U.S. data and a slew of Fed speeches.

The Bloomberg Dollar Index fell 0.1%, after a 0.5% gain Monday; its volatility trend shifted slightly lower as currency markets still favor a quarter-point interest rate cut by the FOMC this month.

The U.S. jobs report is due later in the day, followed by private employment on Wednesday and key nonfarm payrolls data on Friday.

Fed Governor Adriana Kugler, San Francisco Fed President Mary Daly and Chicago counterpart Austan Goolsbee are also scheduled to speak on Tuesday.

EUR/USD reversed a modest decline to rise as much as 0.3% to 1.0531.

USD/JPY halved a 0.4% gain to trade at 149.93; leveraged bids are seen at 149.50 and at 149.20-30, a Europe-based trader said.

AUD/USD rose 0.3% to 0.6495; the Australian and New Zealand dollars were sold early by fast funds as the offshore Chinese yuan weakened to a one-year low, according to an Asia-based forex trader.

USD/CHF fell 0.1% to 0.8854; Swiss inflation edged up after a three-month decline, supporting a Swiss National Bank rate cut next week. (yds)

Source: Bloomberg

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