A gauge of the dollar steadied after unexpectedly strong US job figures overnight lifted it off a three-year low.
The Bloomberg Dollar Spot Index was little changed on Wednesday, having slipped as much as 0.4% to its weakest since 2022 during the previous session. The gauge then pared losses and Treasury yields rose after May JOLTs job openings came in above estimates.
While trading in G-10 currencies is largely devoid of direction ahead of non-farm payrolls data due later this week, "we see nascent signs of the dollar staging a mini rebound should data continue to surprise to the upside," said Fiona Lim, a senior FX strategist at Maybank. "The JOLTs data probably helped support the dollar ahead of the other key labor metrics due for the rest of the week.".
The ADP employment report is due on July 2, while non-farm payrolls figures will be published on July 3.
Australia's dollar was one of the biggest decliners among major currencies after weaker-than-expected retail sales figures prompted traders to cement expectations for a third interest rate cut as soon as next week. AUD/USD fell as much as 0.3% to 0.6565.
NZD/USD gained as much as 0.1% to 0.6106.
EUR/USD slipped 0.1% to 1.1798, pulling off the previous day's near four-year high. Options traders are betting the rally isn't over yet, and the surging currency has featured prominently at the European Central Bank's retreat in Portugal this week. Vice President Luis de Guindos warned that an advance past $1.20 would be problematic.
USD/CHF was little changed at 0.7910.
China's yuan retreated from near an eight-month high after the PBOC set a slightly weaker reference rate.
Source: Bloomberg
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