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* Graphic: World FX rates tmsnrt.rs/2RBWI5E
By Kevin Buckland
TOKYO, May 6 (Reuters) - The dollar hovered below a two-week
high on Thursday, consolidating ahead of a key U.S. jobs report
that may provide clues on when the Federal Reserve will dial
back monetary stimulus.
The greenback has rebounded from a one-month low over the
past week, swung by U.S. economic data that has largely
supported the case for a rapid recovery from the pandemic, with
traders weighing whether a lift in inflation may force the Fed"s
hand earlier than policymakers have so far suggested.
The dollar index, which measures the U.S. currency
against six major peers, was little changed at 91.316 on
Thursday, after rising as high as 91.436 in the previous session
for the first time since April 19. It had dipped as low as
90.422 on April 29.
"The USD is likely to continue to respond to the debate
about whether or not the Fed’s view that inflation will be
transitory is correct," Rabobank strategist Jane Foley wrote in
a research report.
With several forecasters predicting a one-million-plus
increase in nonfarm payrolls, "the USD may continue to find a
good level of support in the near-term," with the currency
strengthening to $1.19 per euro over a one-month horizon, she
said.
The euro traded at the psychologically important
$1.20 mark on Thursday, after dipping to $1.1986 on Wednesday
for the first time since April 19.
The dollar bought 109.34 yen, consolidating after
rallying as high as 109.695 on Monday, a level not seen since
April 13.
So far, Fed Chair Jerome Powell has argued the labour market
is far short of where it needs to be to start talking of
tapering asset purchases. The central bank has said it will not
raise its benchmark Fed funds rate through 2023.
Three Fed officials spoke on Wednesday, with Chicago Fed
President Charles Evans saying that while he was more optimistic
about U.S. growth than he was a few months ago, he expects
monetary policy to stay super-easy for some time.
Boston Fed President Eric Rosengren said inflation will be
temporarily distorted this spring as the U.S. economy works
through imbalances caused by the pandemic but the pressures
should be short-lived and should not lead to a pullback in
monetary policy.
Cleveland Fed President Loretta Mester said more progress
will be needed in the job market before the Fed"s conditions for
reducing its extensive support will be met.
"Despite constant reassurances from (U.S. Treasury Secretary
Janet) Yellen and an array of Fed officials that the coming
increase in inflation will prove "transitory," ... markets are
evidently a bit more worried," National Australia Bank
strategist Rodrigo Catril wrote in a client note.
The dollar bounced on Tuesday after Yellen said rate hikes
may be needed to stop the economy from overheating, though she
later downplayed the immediacy of tightening.
The commodity-linked Canadian dollar traded at
C$1.2268 per greenback after hitting a three-year high of 1.2252
on Wednesday, helped by higher crude prices and optimism over
the global economic recovery.
Sterling was little changed at $1.3904,
consolidating around that level over the past two weeks with the
Bank of England expected by some forecasters to announce a
tapering of its bond-buying programme at a meeting later
Thursday, after vaccinations bolstered Britain"s economic
recovery.
In cryptocurrencies, ether traded at $3,462.62
after reaching a record $3,559.97 on Tuesday, the ninth straight
day to mark an all-time high.
Bigger rival bitcoin was around $56,755,
vacillating between around $59,000 and $52,000 in recent days.
It marked a record high at $64,895.22 in mid-April, but then
lost momentum, slumping as low as $47,004.20 toward the end of
that month.
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Currency bid prices at 0121 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.2005 $1.2005 +0.00% -1.74% +1.2008 +1.1999
Dollar/Yen 109.3370 109.1750 +0.14% +5.85% +109.3670 +109.2250
Euro/Yen
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