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The U.S. dollar headed for a weekly gain against major currencies on Friday as uncertainty over an Iran peace agreement boosted demand for safe-haven assets, while rising Treasury yields and expectations of tighter Federal Reserve policy provided additional support.
The dollar received a lift after a Financial Times report indicated Federal Reserve Chair Kevin Warsh could support a September interest rate hike if incoming economic data warrants further tightening. Investors are now focused on Friday’s U.S. nonfarm payrolls report for fresh signals on the Fed’s interest rate outlook.
The dollar traded near 158.37 yen during Asian trading after gaining about 0.4% on Thursday. USD/JPY was on track for a roughly 0.6% weekly increase, recovering after joint U.S.-Japan intervention pushed the pair down from above 163 to a 13-week low of 155.20 earlier in the week.
Against the euro, the dollar strengthened slightly, with EUR/USD trading around $1.1521. Sterling was little changed near $1.3454. The U.S. Dollar Index rose marginally to around 99.95 and was up just over 0.1% for the week following a sharp 1.6% decline the previous week.
Geopolitical uncertainty remained a key driver for currency markets. A proposed Iran-Oman agreement aimed at ending the U.S.-Iran conflict reportedly raised concerns that Tehran could gain control over inbound traffic through the Strait of Hormuz. U.S. officials have opposed Iranian control over access to the strategically important energy shipping route.
Oil prices climbed as hopes for a quick resolution faded. Brent crude rose $1.31 to around $83.80 per barrel on Friday after gaining more than $3 in the previous session. Higher oil prices also increased inflation concerns and pressured U.S. Treasuries, pushing yields higher.
Markets are now awaiting U.S. jobs data. Economists expect nonfarm payrolls to have increased by 80,000 in July, compared with 57,000 in June, while the unemployment rate is forecast to remain at 4.2%.
Risk-sensitive currencies weakened, with the Australian dollar slipping to about $0.7028 and the New Zealand dollar falling to approximately $0.5864.
