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US dollar climbs after jobs data but logs seventh straight weekly fall

#USdollar climbs after jobs data but logs seventh straight weekly fall

8/8/2020 8:19:00 AM

USdollar climbs after jobs data but logs seventh straight weekly fall

[NEW YORK] The US dollar bounced on Friday after US job growth for July helped ease some investor worries on the US labour market, but the currency logged a seventh straight week of declines. Read more at The Business Times.

The US dollar bounced on Friday after US job growth for July helped ease some investor worries on the US labour market, but the currency logged a seventh straight week of declines.PHOTO: REUTERS[NEW YORK] The US dollar bounced on Friday after US job growth for July helped ease some investor worries on the US labour market, but the currency logged a seventh straight week of declines.

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The US Labor Department's report showed nonfarm payrolls increased by 1.76 million in July. While that was more than the 1.6 million economists surveyed by Reuters had forecast, it was still sharply lower than the record 4.8 million in June."The employment report allayed the market's downside job fears, allowing the US dollar to rally broadly through the NY session," Ron Simpson, director of currency research at Action Economics in Tampa, Florida, wrote in a note following the data.

The US dollar index, which measures the greenback against a basket of currencies, rose in the wake of the report and hit its highest in three days. It was last up 0.6 per cent at 93.410. The index's rebound on Friday may not signal an end to its recent weakness, some analysts said. headtopics.com

Read more: The Business Times »

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