The US dollar is on track for a 12-week winning streak, with US payrolls upcoming.

In a strong display of resilience, the US dollar maintained its momentum, heading towards a remarkable 12-week winning streak. However, it continued to trade within a narrow range as investors eagerly awaited the release of the US nonfarm payrolls data later in the day. The outcome of this report would provide valuable insights on whether the Federal Reserve’s hawkish stance on interest rates would require any adjustments.

Market participants closely monitored the nonfarm payrolls data to gauge the strength of the US labor market and its potential impact on monetary policy. This report was particularly pivotal in shaping future decisions by the Federal Reserve regarding interest rates. With the central bank signaling a more aggressive approach, any indication of robust job growth could renew expectations for an imminent rate hike. On the other hand, weaker-than-expected data may prompt considerations for a more cautious approach. As the dollar eagerly awaited the outcome, investors were on the edge, anticipating a potential shift in the market’s trajectory.

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