Dollar edges up as US rates seen higher for longer

The US dollar gained against major peers in Asian trading as a result of a robust US jobs report that spurred traders to price in higher interest rates for longer. Meanwhile, the Australian dollar rebounded from early losses, aided by evidence of China’s recovery from the pandemic. The dollar rallied 0.11% to 140.135 yen while the euro slipped 0.04% to $1.0702 and the Canadian dollar rose due to a 1% rise in crude prices. The US dollar garnered support from higher Treasury yields as 10-year US Treasury yields climbed more than 3 basis points to 3.727% in Tokyo.