Strong US jobs, earnings data to strengthen dollar: Jane Foley

The dollar index was down 0.64 percent to 102.55. The currency felt weakness against the basket of emerging market currencies.The market has been hit by the uncertainty over Donald Trump's policies, says Jane Foley of Rabobank International.Foley said huge movements were seen in the dollar-renminbi overnight and that is partly related to speculation that China does not want to be labelled a currency manipulator by Trump. With the renminbi turning around overnight against the US dollar, the currency is getting pushed down across the board, she said. According to Foley, strong earning numbers and strong private sector payroll report will strengthen the dollar. Whether money will come back in the emerging markets, Nick Parsons of National Australia Bank says if rupee can go below 67.50 and can stay there then that will be the trigger for global money to come back in Indian equities. Watch video for more...