
Dollar Weakens Ahead of Key Payrolls Data
FxPremiere.com FX Signals – The dollar edged lower Monday, just above a one-month low, in tight trading ranges ahead of the release of key U.S. employment data later in the week which could influence Federal Reserve policy.
At 3:05 AM ET (0705 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 92.102, just above Friday’s low of 91.775, the weakest since June 28.
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USD/JPY edged lower to 109.67, GBP/USD drifted higher to 1.3905, and EUR/USD traded largely flat at 1.1867, even with German retail sales surprising to the upside, growing 4.2% in June.
Dollar holds below one-month high
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US Dollar Index near one-month low
Fed board member Lael Brainard restated the central bank’s focus on further labor market progress at the weekend, while Minnesota Fed President Neal Kashkari warned that the spread of the delta variant of Covid-19 could slow the economy in the second half.
This puts Friday’s July nonfarm payrolls release firmly into focus, with economists looking for an increase of 900,000 jobs, which would be the biggest increase for 11 months, after a forecast-beating 850,000 in June.
US Dollar Up Ahead of Friday’s US Payrolls Report
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“A strong US jobs report is anticipated, and it will support speculation that at the Jackson Hole conference at the end of August, Chair Powell will provide more guidance about the pace and composition of the Fed’s bond purchases,” said Marc Chandler, Chief Market Strategist at Bannockburn Global Forex.
Forex Signals – Dollar Edges Lower Tone
Dollar Weakens Ahead of Key Payrolls Data
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Dollar Weakens Ahead of Key Payrolls Data
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