The US dollar was attempting to rally against such major rivals as the euro and the Great Britain pound earlier today but has failed. In fact, the currency trades below the opening level right now and continues to move lower.
Last week, non-farm payrolls portrayed a confusing picture of the US jobs market, making traders doubt whether the Federal Reserve is going to tighten monetary policy further this year. It looks like the doubts persisted at the start of this week, though the CME FedWatch page shows that speculators bet on more than 50% probability of a rate hike by the year end.
This week is light on economic data from the United States, meaning that the dollar will be driven mainly by news from overseas. Most notable of them should be meetings of various central banks, especially the European Central Bank. And while the outlook for stimulus from the ECB was driving the euro lower, it did not give the greenback an edge on the shared 19-nation currency as well as on other major rivals.
EUR/USD rallied from the open of 1.0990 to 1.1014 as of 17:08 GMT today after dropping to 1.0940 intraday. GBP/USD traded at 1.4271 after opening at 1.4217 and touching the daily low of 1.4133. USD/JPY was falling throughout the day and kept its losses, trading at 113.57 currently after opening the session at 113.92.
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