US Dollar Set for Around 2% Weekly Gain
Arslan Butt • 1 min read
Early on Friday, the US dollar is still trading strong against its major peers over increased demand as a safe haven amid the mounting uncertainty surrounding the coronavirus pandemic. At the time of writing, the US dollar index is trading around 100.21.
The US dollar is all set to post a weekly gain of around 2% so far, boosted by a strengthening in crude oil prices during the previous session. Meanwhile, the greenback continues to remain in favor for its high liquidity even as traders worry about the economic impact of the pandemic.
Later today, the dollar could experience sharp moves following the release of the NFP report. The employment levels remain in focus after a steep increase in jobless claims across the US as a result of the shutdowns due to coronavirus across the country and the world.
The employment figures will offer more insight into how the US economy is faring amid the coronavirus crisis. Although the US has recorded the highest number of cases, US President Trump has not yet implemented complete lockdown unlike other countries.