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* Graphic: World FX rates tmsnrt.rs/2RBWI5E
TOKYO, June 29 (Reuters) - The dollar edged up on Tuesday
toward a two-month high versus major counterparts, with traders
largely sidelined ahead of a key U.S. jobs report that could
alter the timing of an exit from Federal Reserve stimulus.
The dollar index, which tracks the greenback against
a basket of six major currencies, added 0.1% to 91.966 in Asia,
slowly closing the gap to the high of 92.408 reached on June 18
after the Federal Open Market Committee shocked markets by
predicting two interest rate hikes by end-2023.
The Fed commentary since then has put the focus on the data
to determine when a tapering of asset purchases and higher rates
would be appropriate, with Chair Jerome Powell saying a weak ago
that policymakers would not act on just the "fear" of inflation,
and will encourage a "broad and inclusive" job market recovery.
The U.S. Labor Department is expected to report a gain of
690,000 jobs in June, compared with 559,000 in May, and an
unemployment rate of 5.7% versus 5.8% in the previous month,
according to a Reuters poll of economists.
Investors are also looking at U.S. consumer confidence data
on Tuesday and the Institute for Supply Management"s
manufacturing index on Thursday for clues as to where interest
rates are headed.
"Is it indeed that the dollar has bottomed and can only get
stronger from here, or is it just a short-term positioning
adustment? We"ve been arguing it"s more a function of the
latter," Paul Mackel, HSBC"s global head of foreign-exchange
research, said in a conference call with journalists.
With countries reopening from the coronavirus pandemic, the
dollar should weaken toward the end of this year, he said.
"That"s typically what happens when you have this
synchronized global growth backdrop."
The dollar weakened 0.06% to 110.545 yen, staying
below a nearly 13-month high of 111.110 reached last week.
Both the dollar and yen benefited from some safe-haven
demand as the more contagious Delta COVID-19 strain spread in
Asia and elsewhere, stoking fears of further lockdowns.
The euro declined 0.07% to $1.19145, edging back
toward the 2-1/2-month low of $1.8470 touched on June 18.
"The market had been positioned long of the single currency
on optimism regarding the vaccine catch-up trade in the region
(but) forecasts that the Delta variant of COVID could spread
through Europe (in) the summer months could now be undermining
confidence in this trade," Rabobank strategist Jane Foley wrote
in a report, cutting a one-month euro forecast to $1.19 from
$1.20.
"Assuming the U.S. data remains broadly supportive, we
expect the USD to grind moderately higher vs. the EUR though the
course of the year."
Elsewhere, sterling slipped back toward a two-month
low, weakening 0.06% to $1.38695.
The Australian dollar, seen as a liquid proxy for
risk appetite, fell 0.09% to $0.75580 after sliding 0.31% at the
start of the week amid concerns over renewed COVID-19 lockdowns
across parts of the country.
The kiwi dollar dropped 0.19% to $0.70280, adding
to its 0.40% slide on Monday. Previously it enjoyed a five-day
winning run after rebounding from the lowest level since
November.
"We expect the RBNZ to start tightening monetary policy more
than one year before the FOMC, which is a tailwind for the NZD,"
CBA analyst Kim Mundy wrote in a client note.
"The RBNZ is the most hawkish central bank under our
coverage."
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Currency bid prices at 0532 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.1918 $1.1923 -0.04% -2.46% +1.1930 +1.1908
Dollar/Yen 110.5300 110.5500 +0.03% +7.06% +110.6300 +110.4700
Euro/Yen
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