ING: US Employment Data Is Key to Dollar Performance

Odaily Planet Daily reported that Dutch analyst Turner stated in a report that the upcoming US non-farm payrolls report will play a key role in determining whether the recent downward trend of the US dollar will continue. Federal Reserve Chair Jerome Powell believes that persistent inflation and a robust labor market mean that interest rates should remain at restrictive levels for now. "Any unexpected downside in the employment report would weaken his position and boost market expectations for a rate cut at the July meeting." He added that unless employment data comes in weaker than expected, the US dollar may continue to consolidate ahead of the July 4th US holiday. (Jin10)