U.S. Employment Report to Influence Dollar's Trajectory

According to Odaily, an analyst from ING, Turner, has highlighted the significance of the upcoming U.S. non-farm employment report in determining whether the recent downward trend of the dollar will persist. U.S. Federal Reserve Chair Jerome Powell has indicated that persistent inflation and a robust labor market suggest that interest rates should remain at restrictive levels. Turner noted that any unexpected downturn in the employment report could undermine Powell's position and increase market expectations for a rate cut at the July meeting. He added that unless the employment data is weaker than anticipated, the dollar is likely to continue consolidating ahead of the July 4th U.S. holiday.