The US dollar is now higher but is heading for a week decline after weakening economic data prompted traders to expect further interest rate cuts this year, all while investors assess US President Donald Trump’s appointments to the Federal Reserve.
The dollar has been falling since last week’s jobs report for July showed that employers added fewer jobs than expected during the month, while employment data for previous months was revised sharply downward.
The dollar index, which measures the performance of the US currency against six major currencies, was at 98.1 in late daily trading, according to Reuters data.
Foreign Exchange Rates
With the US dollar declining by about 0.6 percent since the beginning of the week against some other currencies (foreign currencies), concerns about a decline in US economic momentum – particularly in the labor market – have spurred optimism about interest rate cuts.
Regarding other foreign exchange rates, the pound Sterling approached its highest level in two weeks at U$1.3439, and is on track for its best weekly performance since late June.
The yen declined against the US currency, rising by about 0.4 percent to $147.62, while the euro fell by about 0.3 percent to $1.1635, although it remained near its highest level in two weeks.
Edited translation from Al-Masry Al-Youm
