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The dollar weakens against the euro and the yen after the data from the United States


August, 04 2023
watermark Economic news

The dollar is declining in value against major world currencies, such as the euro and the yen, in light of the latest data on the labor market in the United States.


The value of the euro against the dollar increased to $ 1.1035 per euro from the level of $ 1.0944 at the close of the previous trading day. At the same time, the dollar against the yen fell to 141.91 yen from 142.54 yen. The dollar index (its value against the currencies of the six main US trading partners) fell by 0.62% to 101.9 points.


Investors reacted to the statistics of the labor market in the United States. The number of jobs in non-agricultural industries increased by 187 thousand after an increase of 185 thousand in the previous month, while analysts expected an increase of 200 thousand. However, the unemployment rate in July fell to 3.5% from 3.6% in June, although forecasts indicated that the unemployment rate would remain at the level of June indicators.


These data may give investors an idea of the possible next steps of the US Federal Reserve System. Currently, approximately 83% of analysts expect the interest rate to remain unchanged at the September meeting. It is worth noting that an increase in the discount rate by the central bank usually leads to a strengthening of the national currency.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.