TOKYO, 5th April, 2024 (WAM) -- The U.S. dollar firmed against peer currencies on Friday after rebounding from a two-week low, as traders braced for a key U.S. jobs report due later in the day and grew cautious over tensions in the Middle East, according to a Reuters report.
Safe-haven bids, along with fresh warnings from Japanese authorities, helped to buoy the yen, which briefly hit a two-week high against the greenback.
The dollar has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of bringing interest rates down.
It then rebounded after comments on Thursday from Minneapolis Federal Reserve President Neel Kashkari that rate cuts might not be required this year if inflation continues to stall.
The dollar index, which measures the greenback against a basket of major currencies, was last up 0.09 percent at 104.31.
Officials including Fed Chair Jerome Powell have continued to focus on the need for more debate and data before interest rates are cut.
The market is focused on the release of the monthly U.S. employment report later on Friday. Economists polled by Reuters are forecasting 200,000 jobs were added in March.
Meanwhile, Japanese yen strengthened to a two-week high of 150.81 against the greenback before paring gains to fall to 151.20.
Japanese authorities will likely intervene in the currency market if the yen breaks out of a range it has been in for years and falls well below 152 per dollar, former top currency diplomat Tatsuo Yamazaki said on Thursday.
Elsewhere, the euro ticked down 0.1 percent to US$1.0826, while sterling was last trading at US$1.2622, down 0.14 percent as traders awaited the U.S. jobs data
The Australian dollar fell 0.21 percent versus the greenback to US$0.657.
The kiwi was down 0.16 percent at US$0.60115.
In cryptocurrencies, bitcoin last fell 0.82 percent to US$67,397.00.