U.S. Dollar Steady on June Jobs Bets

The dollar held gains against most of its major peers from yesterday as a stronger-than-expected private jobs report boosted optimism that nonfarm payroll data today will show the U.S. economy is gaining traction.

The euro held a three-day gain versus the yen as investors awaited clues on the European Central Bank’s next move when President Mario Draghi speaks today. Australia’s currency retreated from an almost eight-month high before Reserve Bank Governor Glenn Stevens speaks in Hobart today and ahead of a report which economists forecast will show retail sales stagnated in May.

“After the stronger-than-expected ADP jobs report, as you’d expect, positive expectations for the nonfarm payrolls have emerged,” said Yujiro Goto, a currency strategist in London at Nomura Holdings Inc., Japan’s largest brokerage. “That’s providing direct support for the dollar.”

Bloomberg

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