The US Dollar remained stable in Asia on Friday and appeared poised to continue its longest weekly winning streak in more than a year, supported by climbing bond yields and anticipation of robust US jobs data.

This week, the greenback has risen 0.5% against the Yen, trading at 158.405 Yen, and nearly 1% against Sterling, which hit a 14-month low amid a gilt selloff and worries over the state of British finances.

The Dollar is on track for a relatively stable week against the Euro, trading at $1.0289, Reuters reports, while making modest gains against the Australian and New Zealand Dollars.

In addition, the Dollar index, measuring the currency against six major peers, is poised for its sixth consecutive weekly advance, the longest streak since an 11-week run in 2023, as the US economy continues to outperform others. 

In Asia, the index held steady, marking a 0.4% weekly increase to 109.33.

“We doubt the Dollar needs to hand back much of its recent gains,” said Chris Turner, global head of markets at ING, highlighting the unwinding of long positions in Sterling and the potential for upward pressure on the Dollar from the upcoming US jobs data.

“Despite the risk of profit-taking, (the Dollar index) found good support under 108 earlier this week.”

The British Pound slipped 0.23% to $1.2278, after hitting a 14-month low of $1.2239 on Thursday. Whereas the Australian and New Zealand Dollars hovered near multi-year lows, with the Aussie, trading at $0.61905 at the time of writing, narrowly avoiding a break below its 2022 low of $0.6170.

Meanwhile, the New Zealand Dollar is challenging its 2022 low of $0.5512 and was last seen at $0.5587.

US non-farm payrolls data is forecast to reveal that the economy added 160,000 jobs in December, following a gain of 227,000 in November, while the unemployment rate is expected to remain steady at 4.2%.

A stronger-than-expected report could strengthen the argument for fewer Federal Reserve rate cuts and potentially trigger another wave of selling in the already volatile bond markets.