The dollar was under pressure on Friday and was poised for its worst weekly perf...
TOKYO - The dollar was under pressure on Friday and was poised for its worst weekly performance for the year, as investors waited on a key U.S. jobs report that is expected to back expectations for a near-term Federal Reserve rate cut to support a slowing economy.
Market participants’ immediate focus was on the U.S. non-farm payrolls data for May due later on Friday, and early signs weren’t good with hiring expected to have dropped in a boost to rate doves and dollar bears. The dollar has been hit in recent weeks by the rising expectations for a U.S. rate cut before year-end, as an escalating China-U.S. trade row hurts business confidence and growth. Recent comments from Fed officials have also pointed to an easing in coming months.
The index was on course for a 0.75% loss this week, its worst weekly performance since early December last year.
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