Dollar Falls in Payrolls Wake

US Dollar index – The dollar sold off in early European trade Tuesday, continuing its post nonfarm payrolls weakness, while both the Australian and New Zealand dollars strengthened amid signs that these economies are recovering strongly.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower at 92.028,.

Pound US Dollar GBPUSD Exchange Rate Falls

USD/JPY was down 0.1% at 110.81, EUR/USD rose 0.3% to 1.1893, while GBP/USD rose 0.3% to 1.3893.

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US Dollar Up Ahead of Friday’s US Payrolls Report

Elsewhere, AUD/USD rose 0.8% at 0.7590 after the Reserve Bank of Australia announced a pared-back extension of its quantitative easing program, while stating that it expects to keep interest rates at a record low until 2024.

“The bond purchase program is playing an important role in supporting the Australian economy,” Governor Philip Lowe said. “The bank will continue to purchase bonds given that we remain some distance from the inflation and employment objectives. However, the board is responding to the stronger-than-expected economic recovery and the improved outlook by adjusting the weekly amount purchased.”

Forex Signals – Dollar Edges Lower Tone

Additionally, NZD/USD rose 1.1% to 0.7099 after a survey by the New Zealand Institute of Economic Research published Tuesday showed more companies expect an improved business climate, bringing forward expectations of the country’s first interest rate hike to the end of this year.

Elsewhere a sharp rise in oil prices after the group of top producers failed to come up with an agreement to increase output levels lent support to currencies linked to the price of crude, with USD/NOK down 0.4% at 8.5383 and USD/CAD down 0.3% at 1.2306.

Dollar Falls in Payrolls Wake

USD Index Resilient In Wake Of FED QE

Dollar Falls in Payrolls Wake

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