Dollar Edges Higher, But still Near One-Month Low \ FX Signals

The US dollar edged higher in early European trading Monday, but remained near a one-month low as Friday’s disappointing jobs report weakened expectations of an early tapering of the Federal Reserve monetary stimulus.

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Volatility is likely to be limited Monday with the U.S. markets on holiday. Dollar holds below one-month high

USD/JPY rose 0.1% to 109.80, EUR/USD fell 0.1% to 1.1875, just off last week’s high of 1.1909, and GBP/USD fell 0.1% to 1.3851.

That was the smallest gain in seven months, and was way below the previous month’s over one million growth.

Dollar Up From Five Month Low

“A tapering plan launched in September would either need to be 100% data dependent or else the discussion will have to be postponed until November,” said analysts at Nordea, in a note.

Dollar Down Near One-Month

The weekly jobless claims data will now be studied carefully on Thursday for further clues about the strength of the labor market, but Friday’s producer price release for August.

German factory orders, released earlier Monday, rose 3.4% on the month in July, a slight slowdown in growth from the previous month, but still a lot better than had been expected.

Dollar Edges Higher, But still Near One-Month Low

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US Dollar Index near one-month low

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Dollar Edges Higher, But still Near One-Month Low