Dollar shored up by strong U.S. data, commodity currencies sag

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Dollar shored up by strong U.S. data, commodity currencies sag
France Dernières Nouvelles,France Actualités
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The dollar held firm on Friday after strong U.S. labour and inflation data sooth...

TOKYO - The dollar held firm on Friday after strong U.S. labour and inflation data soothed concerns about the world’s largest economy, while falling oil prices weighed on commodity-linked currencies such as the Canadian and Australian dollars.

The index was headed for a weekly loss of 0.25 percent, having stumbled at the start of the week as Treasury yields fell in the wake of a mixed March U.S. non-farm jobs report. “The rise thus lacked conviction and it remains to be seen if the dollar can sustain its bounce. The prospect of a rate cut by the Fed may have diminished in light of the data, but economic views are not yet strong enough to support rate hike expectations,” Kanda said.

The Canadian dollar was more or less steady at C$1.3385 per dollar after shedding 0.5 percent the previous day as crude oil prices retreated from five-month highs.

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