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* Friday"s jobs data could spur Fed to taper earlier
* Euro shows strength ahead of ECB meeting next week
* Yen shrugs off PM Suga"s decision to step down
By Kevin Buckland
TOKYO, Sept 3 (Reuters) - The dollar sank to its lowest in
almost a month against major rivals on Friday, ahead of a
crucial U.S. jobs report that could spur the Federal Reserve to
an earlier tapering of stimulus.
The dollar index, which measures the greenback
against six peers, was little changed at 92.207 after earlier
touching 92.151 for the first time since Aug. 5.
The euro was also mostly flat at $1.1878, after
hitting the highest since Aug. 4 at $1.1884, supported by
regional inflation at a decade high and hawkish rhetoric from
European Central Bank officials ahead of a policy meeting on
Sept. 9.
"The market is seemingly running a progressive short USD
position into today"s non-farm payrolls," Chris Weston, head of
research at broker Pepperstone in Melbourne, wrote in a client
note.
The rally toward $1.19 "is not just a USD move, but a play
on next week’s ECB meeting, with some talk the central bank
could signal a slower pace of asset purchases," he wrote.
Meanwhile, the U.S. central bank has made a labour market
recovery a condition for paring pandemic-era asset purchases.
The dollar had been strengthening for most of last month on
the view that a taper could be imminent, even as COVID-19 cases
spiked in the United States, which paradoxically gave the
currency an additional boost because of its role as a safe
haven.
But the dollar index retreated after hitting a 9-1/2-month
high of 93.734 on Aug. 20 as Fed officials began suggesting the
virus" spread could delay policy tightening.
Chair Jerome Powell said at the Fed"s Jackson Hole symposium
a week ago that a taper was still possible this year, but there
was no hurry to subsequently raise interest rates, sending the
dollar down further.
Monthly non-farm payrolls, due later Friday, are expected to
rise by 750,000, with the unemployment rate falling to 5.2% from
5.4%, according to a Reuters poll of economists. However,
estimates range widely, from as little as 375,000 to over a
million.
Signals from the economy ahead of the report have been
mixed. Overnight, data showed layoffs dropped to their lowest in
more than 24 years. However, the ADP National Employment Report
on Wednesday was much weaker than economists expected.
Commonwealth Bank of Australia forecasts the United States
added 800,000 jobs last month, which it says would be enough to
spur the Fed to taper, although the bar for an announcement at
this month"s meeting has been raised by the current outbreak.
"The risk is uncertainty associated with the virus stands in
the way of an imminent taper announcement," which would reverse
any dollar gains from a strong payrolls report, CBA strategists
wrote in a report.
The Australian dollar rose 0.18% to $0.7416 after
earlier touching a one-month high $0.7417.
The New Zealand dollar gained 0.22% to $0.7127
after rising to the highest since June 16 at $0.7129.
The greenback added 0.07% to 110.01 yen, holding
near the centre of its trading range since early July and
showing little reaction to Prime Minister Yoshihide Suga"s
decision to step down at the end of the month.
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Currency bid prices at 0549 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.1880 $1.1876 +0.03% -2.77% +1.1884 +1.1873
Dollar/Yen 110.0100 109.9300 +0.10% +6.53% +110.0700 +109.8150
Euro/Yen
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