<p>ING Groep analyst Turner said in a report that the upcoming U.S. non-farm payroll report will play an important role in determining whether the recent downward trend of the dollar will continue. Federal Reserve Chairman Powell believes that stubborn inflation and a solid labor market mean that current interest rates should remain at restrictive levels. &#34;Any unexpected downturn in the employment report will weaken his position and push the market to price in rate cut expectations for the July meeting,&#34; he said. Unless the employment data is weaker than expected, the dollar may continue to consolidate before the July 4th U.S. holiday</p>

<p>ING Groep analyst Turner said in a report that the upcoming U.S. non-farm payroll report will play an important role in determining whether the recent downward trend of the dollar will continue. Federal Reserve Chairman Powell believes that stubborn inflation and a solid labor market mean that current interest rates should remain at restrictive levels. "Any unexpected downturn in the employment report will weaken his position and push the market to price in rate cut expectations for the July meeting," he said. Unless the employment data is weaker than expected, the dollar may continue to consolidate before the U.S. holiday on July 4th</p>

ING Groep: U.S. employment data is key to the dollar's trend