Dollar rises ahead of June US jobs report

The dollar rose against the euro and other major currencies Wednesday ahead of the June US jobs report.

Forex.com analyst Matt Weller expects a "potential blockbuster" jobs report Thursday that could lift expectations that the US Federal Reserve will raise interest rates more quickly. Indicators suggest the US added 263,000 jobs in June, after 280,000 in May, he said.

Weller said 200,000-250,000 jobs would be "slightly bullish" for the greenback, while a gain of more than 250,000 would be "bullish."

But Kathy Lien, analyst at BK Asset Management, predicted the impact on the dollar could be limited due to the Greek referendum vote Sunday on creditors' reform proposals.

"If Greece had already struck a deal with its creditors, a strong US labor market report would be significantly positive for the US dollar. But in this current market environment, a good number would only drive the dollar slightly higher as traders refrain from taking any major positions ahead of the holiday weekend in the US and the referendum on Sunday," Lien said.

"A weaker report should have a more significant impact on the dollar than a stronger one."