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Dollar subdued as investors look to key U.S. inflation gauge

06/07/2021 | 09:37pm EDT

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

TOKYO, June 8 (Reuters) - The U.S. dollar was subdued on Tuesday as investors looked to U.S. inflation data due later in the week after softer-than-expected jobs data quelled expectations of an early tapering in the Federal Reserve's stimulus.

The euro fetched $1.21915, bouncing back from its three-week low of $1.2104 set on Friday while the dollar eased to 109.26 yen, losing steam after having hit a two-month high of 110.325 late last week.

The dollar's index against a basket of six major currencies stood at 90.021, not far from 89.533, a 4 1/2-month low touched late last month.

"It's not that the payrolls numbers were weak. But because so much expectation had been build up in advance, the dollar suffered a bit of setback," said Shinichiro Kadota, senior currency strategist at Barclays.

Friday's jobs data, which showed U.S. non-farm payrolls increasing by 559,000 in May, fell 90,000 jobs short of expectations.

The data helped to pin down U.S. bond yields near their recent lows, weighing on the dollar, while investors now looked to consumer price data on Thursday for fresh direction.

Many investors now expect the Fed to unveil a plan to reduce its bond purchase later this year, and actual tapering to start early next year.

The British pound hardly budged at $1.4169 while the Australian dollar was unchanged at $0.7753, both stuck in ranges seen over the past couple of months.

With recent trading ranges tight, implied volatilities on both currencies have dropped to their lowest levels since early 2020, before markets were pummelled by the COVID-19 pandemic.

Elsewhere, the Mexican peso held firm at 19.832 to the U.S. dollar, near its highest level since late January, after midterm elections confirmed President Andres Manuel Lopez Obrador's MORENA party as the strongest force in the country, but with a reduced majority.

In contrast, the Peruvian sol tumbled to an all-time low of 3.9367 per dollar as socialist Pedro Castillo edged ahead of right-wing rival Keiko Fujimori in the country's presidential election vote.

Cryptocurrencies were also little moved. Bitcoin traded flat at $33,564, while ether stood at $2,581.

(Reporting by Hideyuki Sano; Editing by Ana Nicolaci da Costa)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.56% 0.5392 Delayed Quote.-3.55%
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.06% 0.91695 Delayed Quote.-6.22%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.02% 0.6396 Delayed Quote.1.53%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.45% 84.765 Delayed Quote.6.26%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.49% 1.04858 Delayed Quote.-1.57%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.16% 0.68415 Delayed Quote.0.66%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.10% 0.7421 Delayed Quote.-3.64%
BARCLAYS PLC 1.76% 197.82 Delayed Quote.34.87%
BITCOIN (BTC/EUR) 0.64% 52845.42696 Real-time Quote.124.03%
BITCOIN (BTC/USD) 0.64% 61284.855616 Real-time Quote.113.30%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.50% 1.85275 Delayed Quote.3.83%
BRITISH POUND / EURO (GBP/EUR) 0.47% 1.1848 Delayed Quote.5.39%
BRITISH POUND / US DOLLAR (GBP/USD) 0.59% 1.3749 Delayed Quote.-0.06%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.53% 0.588049 Delayed Quote.2.75%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.00% 0.697136 Delayed Quote.8.32%
CANADIAN DOLLAR / MEXICAN PESO (CAD/MXN) 0.05% 16.583748 Delayed Quote.6.23%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.8079 Delayed Quote.2.90%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) -0.04% 1.56269 Delayed Quote.-1.47%
EURO / BRITISH POUND (EUR/GBP) -0.50% 0.84366 Delayed Quote.-5.08%
EURO / MEXICAN PESO (EUR/MXN) -0.98% 23.5868 Delayed Quote.-2.00%
EURO / US DOLLAR (EUR/USD) 0.09% 1.16 Delayed Quote.-5.12%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.62% 0.009694 Delayed Quote.-2.65%
INDIAN RUPEE / EURO (INR/EUR) -0.11% 0.011484 Delayed Quote.2.62%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.06% 0.013331 Delayed Quote.-2.58%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.53% 0.70722 Delayed Quote.-2.01%
US DOLLAR / BRITISH POUND (USD/GBP) -0.59% 0.727326 Delayed Quote.0.05%
US DOLLAR / EURO (USD/EUR) -0.09% 0.862069 Delayed Quote.5.39%
US DOLLAR / MEXICAN PESO (USD/MXN) 0.00% 20.3285 Delayed Quote.3.38%
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