The dollar gained slightly on Thursday but hasn't strayed too far from a recent two-month low as traders weighed how U.S. jobs data will impact Fed policy.
"Weak economic data continues to weigh in on investor sentiment, triggering a flight-to-safety bid," analysts at Westpac said in a note to clients.falling to its lowest since September. Yields fall when bond prices rise., which typically moves in step with interest rate expectations, stood at 3.7922%.
"The key to FX is going to be that interplay between what the what the U.S. economy numbers dish up as far as interest rates and sentiment about Fed policy," said Ray Attrill, head of FX strategy at National Australia Bank. The dour economic signs have strengthened the view that the Fed will reverse course on rate increases with traders hoping for more insight when Federal Reserve Bank of St. Louis President James Bullard speaks later on Thursday.
Cleveland Fed President Loretta Mester, a known hawk, said in an interview with Bloomberg TV on Wednesday that it was too early to know if the Fed would need to raise its benchmark rate at its next policy meeting in early May. U.S. rate futures markets are currently pricing in a 55% chance of the Fed leaving rates unchanged at its next meeting, up from a 43% chance a day earlier.In other currency action,
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