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Dollar snaps losses as global bond rout stalls before payrolls

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(Bloomberg) — The dollar rose, snapping its worst two days since March, as a global bond rout stalled.

The greenback gained against most of its major peers as Treasury yields declined from eight-month highs and German yields also fell.

The U.S. currency shrugged off comments from the International Monetary Fund that the U.S. should delay raising interest rates until 2016 while jobs data due Friday may support Federal Reserve plans to increase borrowing costs this year.

“It seems the market is pretty optimistic” on payrolls, said Matt Derr, a foreign-exchange strategist at Credit Suisse Group AG in New York.

“We’re certainly not as squeezed as a couple of weeks ago, but maybe the market thought it was a little too much going into the number tomorrow.”

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its major peers, added 0.2 percent to 1,182.61 as of 10:38 a.m. in New York. The measure lost 1.5 percent in the two days through Wednesday.

The greenback rose 0.1 percent to $1.1265 per euro, after its worst two days versus the currency in five years. It advanced 0.1 percent to 124.42 yen.