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Dollar firm as US rates seen higher for longer; lira slides

  • 📰 Reuters
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The dollar firmed against major peers in Asian trading after a robust U.S. jobs report spurred traders to price in higher interest rates for longer.

in key trading partner China. The yuan also initially got a boost, but then dropped back toward a six-month low.

The U.S. dollar garnered support from higher Treasury yields after data on Friday showed payrolls in the public and private sector increased by 339,000 in May, far outstripping the 190,000 forecast on average by economists polled by Reuters. However, those bets simply shifted to July, and traders eased off on bets for rate cuts later in the year.tool shows interest rate traders are laying 1-in-4 odds for a hike next week, down from 2-in-3 odds a week earlier. For July, markets put 70% odds for rates to be at least a quarter point above where they are currently.

 

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