The dollar reached a 15-month high against the yen and moved closer to several-month highs against other key allies on Thursday prior to US job report.
Traders called on the U.S. on Friday to confirm that outlook. Expect a non-wage report, economists who voted Reuters expect to get 700,000 jobs last month, compared to 559,000 in May, 5.7% and 5.8% in the previous month. U.S. The green back was extended on Wednesday following data showing that private pay rose 692,000 jobs more than expected in June.
Treasuries, safe haven assets including the dollar and yen are backed by the spread of COVID-19’s highly contagious delta variant, which threatens the global reopening story. Indonesia, Malaysia, Thailand and Australia are fighting the Covid-19 eruptions and tightening restrictions, and Spain and Portugal have announced restrictions on British tourists.
On the other hand Japan’s factory operations expanded at the slowest pace in four months in June, with the release being a huge success due to a global shortage of high – tech chips as the pace among manufacturers slowed down from the previous month. The slow expansion of production comes as companies face pressure from higher input costs and sharp recovery in other major global economies raising the price of raw materials.
In June, the Bank of Japan’s Manufacturing Purchasing Managers’ Index (BMI) fell to 52.4, the lowest level since February, on a seasonally adjusted basis from 53.0 in the previous month. Japan’s factory operations expanded at the slowest pace in four months in June, with the release being a huge success due to a global shortage of high – tech chips as the pace among manufacturers slowed down from the previous month. The slow expansion of production comes as companies face pressure from higher input costs and sharp recovery in other major global economies raising the price of raw materials.
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