Greenback stands tall after sturdy American jobs underpin Fed tightening plans

Greenback stands tall after sturdy American jobs underpin Fed tightening plans

On Monday, the US currency was on solid footing after a bigger-than-expected soar in American jobs suggested the Fed would stick with its tightening plans for the rest of 2017.

American job surge soared more than expected in June, while employers added hours for workers, suggesting the major US bank could stick to its plan for its third interest rate lift this year and start reducing its balance sheet notwithstanding sluggish wage hikes and tepid inflation.

Versus the Japanese yen, the greenback soared 0.2% being worth 114.16, having notched a peak of 114.21, which is its loftiest level since May 11.

The dollar index, gauging the greenback versus a currency basket, didn’t change, keeping to 96.012.

On Friday, the Bank of Japan sought to keep Japanese government bond yields close to its policy objective, performing a special market operation and also lifting the size of its regular JGB purchase operations.

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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.

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