The U.S. Dollar Index drove to its highest mark in about five weeks on Friday, propelled higher by anticipation about robust jobs data in the U.S. labor market last month, according to Reuters.
Economists and analysts surveyed by the news source projected gains to check in at 200,000 jobs last month, which would be the highest level of the metric in about four months. February employment gains registered at 175,000.
"We now believe that dollar/yen will return to its role of being the favored way to play U.S. data strength," states a note authored by officials with Morgan Stanley, according to Reuters. "We note that dollar/yen's sensitivity to global risk indicators has been increasing once again."
The Dollar Index, a measure of the greenback's strength against competing currencies, notched its top value since February 27 in London during early trading on the final day of the week.
The U.S. Federal Reserve is likely to continue cutting stimulus policy, according to Bloomberg. By purchasing less debt, the market holds fewer dollars, which boosts the monetary unit's value.
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