US dollar rebounds ahead of NFP
|The US dollar is up for the second consecutive week against a basket of foreign currencies, owing to decent macro data from the world's largest economy and progress on the tax reform bill. The greenback had already been rising sharply against the likes of the Australian and New Zealand dollars, but now it has also managed to catch a bid against the likes of the Canadian dollar, Japanese yen, British pound, Swiss franc and the euro. The dollar's mini revival has weighed heavily on both precious and base metal prices, while buck-denominated crude oil has also suffered, albeit to a lesser degree. So, as we approach year-end, is the dollar finally about to make a more meaningful comeback? While that may be the case, Friday's US jobs report is the key risk event which could derail the rally in the event the data comes out significantly weaker than expected. It is also possible that there may be more delays in passing the tax reforms.
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