2023-08-07 08:01:04
US dollar
The dollar struggled to maintain its value on Monday, following the US jobs report provided few clues regarding the state of the economy and with market focus shifting to inflation data due from the world’s two largest economies this week.
Data published on Friday showed that the number of new jobs added to the US economy was less than expected in July, but the economy recorded strong gains in terms of wages and witnessed a decline in the unemployment rate.
The dollar fell to its lowest level in a week once morest a basket of currencies following the release of the jobs data, but the losses were limited given that the report indicated that the labor market is still strong, which means that the US Federal Reserve may need to keep interest rates high for a longer period.
The latest rise in the dollar index during the session was 0.08 percent at 102.14 points, moving away from the lowest level it had reached on Friday at 101.73 points.
The pound sterling fell 0.11% to $1.2737, while the euro fell 0.14% to $1.0994.
US inflation data is due out on Thursday, and core inflation is expected to rise 4.7 percent year-on-year in July.
China’s inflation report for July is also due on Wednesday, and traders expect more signs of slowing inflation in the world’s second-largest economy.
The Chinese yuan hovered near its lowest level in two weeks today, Monday, and lost 0.2 percent in offshore trading, to 7.2042 yuan per dollar.
The Australian dollar fell 0.04% to $0.6568, while the New Zealand dollar rose 0.01% to $0.60985.
The Japanese yen lost nearly 0.3 percent to 142.13 yen per dollar, following hitting a one-week high of 141.52 yen per dollar in early Asian trading.
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