The general index of the US dollar, which measures the performance of the dollar against a basket of currencies (Dollar Index), is trading at its lowest level since the first week of August this morning, Thursday, the second of September (September), with a loss of about 0.07%, and trading at 92.40 levels, while other major currencies are rising, benefiting from this The decline amid anticipation in the markets for the US non-agricultural labor market statement (NFP), which will be issued tomorrow, Friday, in the American session.
Market concerns increased after the private sector data released by the ADP yesterday, which announced jobs less than expected, as the US private sector added about 374,000 jobs in July, below expectations that indicated more than 600,000 jobs would be added, which raised concerns about employment data to be released. Friday, despite expectations indicating the addition of about 750 thousand jobs in August.
The decline in employment data that will be released tomorrow, Friday, and less than market expectations, may raise markets expectations of delaying the start of the process of reducing asset purchases by the US Federal Reserve, especially with the rise in concerns about the new delta axis, which is spreading in the United States of America, and therefore the US dollar will decline and vice versa if expectations are better.
of expectations. With the absence of economic data affecting market movements during today’s session, the markets are awaiting a speech by the US Federal Reserve (Daly – Bostic) during today’s session.
The Australian dollar is one of the largest currencies benefiting from the decline in the US dollar, as it is trading at 0.7388 levels, up more than 25 points this morning, Thursday, after the Australian economy recorded a growth in gross domestic product in the second quarter ending in June by about 0.7%, compared to an increase of about 1.9% in the revised reading. For the first quarter and better than the market expectations, which indicated an increase of 0.5%.
06/11/2024
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