FXStreet (Edinburgh) – The US dollar is extending it strong upside bias to the EM space in the wake of the stellar US Payrolls during May, with the economy adding 280K jobs vs. 225K forecasted. The US labour market has confirmed its solid performance throughout the week, following the improvements seen in the ADP report on Wednesday (201K) and yesterday’s drop in Initial Claims (276K).
The main currencies in the EM space are now accentuating their daily decline vs. the greenback, with most of the pairs challenging fresh tops. In fact, the USD is trading at all-time highs vs. the Mexican peso near 15.80, while the Russian ruble is testing 2-month lows vs. the American currency, sending USD/RUB to the 57.00 vicinity. Less strong moves are seeing in USD/BRL (4-day highs around 3.17) and USD/TRY, within the weekly range around 2.6430.
(Market News Provided by FXstreet)