The Dollar is at Its Highest Level in 3 Months Before The US Jobs Data

Friday, July 2nd, the US dollar hit a three-month high against other major currencies, as traders are betting that strong US labor market data could push the currency higher.

And the dollar index is on track to achieve another weekly gain of about 1%. The rise is the fourth in five weeks. The index gained 0.1% during the session and reached 92.699.

The US currency has generally strengthened since the Fed surprised markets last month with a hint that it might tighten monetary policy earlier than expected to curb inflation.

The US jobs report is due at 12:30 GMT and is expected to show a strong increase of 700,000 jobs, with traders bracing for any surprises.

The dollar hit a new three-month high against the euro before the report, gaining 0.2% during the session to $1.18235. And the currency stabilized in general against the yen and the pound sterling.