By Gina Lee

Investing.com – The dollar was up on Friday morning in Asia, ahead of the latest U.S. jobs report that will likely set the stage for further aggressive monetary policy tightening.

By 12:15 ET (4:15 GMT), the index that measures the greenback’s value against other currencies was up 0.1% to 103.57 After hitting 103.94 the previous session, the index has risen 0.35% this week.

This pair rose 0.38% from 130.62 to 130.62.

Both the pair grew by 0.1% to 0.7112, while they fell by 0.2% to 0.6426.

This pair saw a 0.33% increase to 6.6779 while the other was up 0.03% towards 1.2368.

Later in the day, the U.S. Jobs Report, including, will be available.

The greenback gained 0.46 percent on the week to gain a closer match with the previous 20-year high of 133.25. The benchmark 10-year U.S. Treasury yields rose back to the top of 3.1% overnight after falling to 1.1% shortly after Wednesday’s increase in its interest rates.

After Fed Chairman Jerome Powell stated that no 75-basis points hike was under consideration, the dollar dropped sharply. However, it clawed back those losses a day later, which suggests that the retreat had more to do with positioning than any change in views, according to analysts at National Australia Bank (NAB).

Gavin Friend (NAB Senior Market Strategist) stated that Powell was clearly hawkish in a client podcast.

He stated that they would do all they can to curb inflation, buoying the U.S. yields. NAB updated its currency forecasts earlier today, anticipating that the dollar would rise to $1.02 per EUR and $1.20 versus sterling in September 2022. But, it will be easing to 125 by then.

Euro fell 0.1% to $1.0529 Friday. It was also expected to fall 0.12% per week. The single currency traded mostly sideways after falling to $1.04695 for the first time in five years.

The pound suffered a loss of 1.81% for the week in Europe. Overnight, it fell by 2.22%. It was the largest drop in 2 years since the Bank of England had warned of the danger of recession and raised its interest rate from 1% to 1%.

Australian dollars are expected to rally by 0.52% against their counterparts in the United States. After the Reserve Bank of Australia raised its interest rate by 0.35%, which was followed by a losing streak of five weeks for the Aussie, it signalled further moves and handed its final rates down on Tuesday.

The cryptocurrency market saw bitcoin fall 0.84%, to $36,225. That’s an increase of 7.94% from its previous session which saw it drop to $35,579.40. A level that hasn’t been seen since February 2022.