Forex: Dollar weakens after US labor market data

Forex: Dollar weakens after US labor market data
Forex: Dollar weakens after US labor market data

The US dollar is weakening today. According to analysts, the data on the August development of the labor market in the United States could ease the pressure on the aggressive increase of interest rates by the American central bank (Fed). The euro gained roughly 0.8 percent to 1.0025 EUR/USD against the dollar shortly before 18:00 CET.

The dollar index, which measures the value of the dollar against a basket of six major world currencies, lost roughly 0.6 percent at the same time, hovering close to 109 points. On Thursday, it climbed to a new 20-year high of 109.99 points due to the prospect of aggressive interest rate hikes in the US, Reuters reported.

The U.S. Labor Department reported today that the U.S. economy added about 315,000 jobs in August, slightly more than expected. Still, the unemployment rate rose two-tenths of a percentage point to 3.7 percent, and average hourly wages rose just 0.3 percent, the slowest since April.

Panda analyst Edward Soya said a slowdown in growth in average hourly wages could help ease inflationary pressures. “Inflation is definitely starting to show some signs of possibly slowing down,” he added.

At the July meeting, the Fed raised its key interest rate by 0.75 percentage points to a range of 2.25 to 2.50 percent as part of the fight against inflation. The next meeting will be held on September 20 and 21.

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Forex: Dollar falls after US inflation data

The US dollar is weakening in the forex markets today, the main reason being the latest August inflation data…

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Forex: Dollar strengthens slightly after US data

The US dollar is strengthening against the euro and other major currencies in the forex markets today. She supported him with a statement…

Forex: Dollar weakens after US data

The US dollar is weakening today. Adding to the losses was a report of an unexpectedly sharp drop in retail sales in the United States, which suggested that the performance of the US economy had slowed significantly towards the end of last year.

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