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Dollar Hits Multi-Year High Ahead of NFP News - Capital Street FX
The dollar traded within sight of its highest level in a decade versus major peers ahead of U.S. employment reports that may help determine if the Federal Reserve will raise rates this year. Chinese stocks were mixed after the Shanghai Composite Index entered a bull market Thursday.
The Dollar Spot Index was steady, with the greenback having gained against 12 of 16 major peers over the past five days. Gold was higher after seven straight daily declines. U.S. crude was headed for a weekly retreat amid ongoing supply concerns.
The Shanghai Composite Index extended gains after closing at its highest since Aug. 20, while a gauge of Chinese shares in Hong Kong pared its weekly advance.
The dollar has surged as Fed officials including Chair Janet Yellen have reiterated that they may well lift rates next month if the data support it.
Economists predict the October payrolls report will show an increase in hiring from September, albeit at a pace below the year-to-date average, while the unemployment rate may drop to 5 percent; the lowest since April 2008.