The dollar nursed last week’s losses on Monday and was headed for its first monthly drop in five months as investors have scaled back bets that rising U.S. rates will spur further gains and as fears of a global recession have receded a little.
The week ahead is full of data that could provide clues on the outlook for global growth, U.S. interest rates and the dollar with Chinese Purchasing Managers’ Index figures, U.S. jobs numbers and growth data in resource bellwether Australia.
Trade was likely to be lightened through Monday as U.S. stock and bond markets close for the Memorial Day public holiday.
The key stats of the week, however, will be non-farm payrolls and the unemployment rate on Friday, which could define the Fed’s next move on interest rates.
Russia and Ukraine will remain the area of focus in the week ahead, along with chatter from China. The easing lockdowns in China is helping kindle hopes about global growth, which tends to support exporters’ currencies at the dollar’s expense.
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