Concerns about global economic upturn fuel US dollar flucutations

Posted 11 March, 2019

The US dollar has started Monday trading with marginal fluctuations once it lost grounds at last week's end facing pressure from weak labour market report.

The US Dollar index rose to some 97.32.

The euro-to-US dollar exchange rate improved slightly on Monday reaching some $1.1255. At the same time, Friday's trading was closed near $1.1235. For reference, the euro hit the bottom since June 2017 in the second half of last week driven by soft European Central Bank statements.

The pound sterling decreased vs the greenback to $1.2977 ($1.3015 earlier). The pound was also negative against the euro falling to some EUR 1.1553 (EUR 1.1558).

According to the US market report, the market recorded the smallest increase in new jobs number over almost a year and a half, which can be considered as another sign of a slower economic upturn in the USA. The available data shows that it was added just 20,000 new jobs after the increase of 311,000 recorded in January. As for the forecasts, market experts expected some 175,000.

Meanwhile, Jerome Powell, US Federal Reserve head stated to the media that there is no need for upward or downward revisions given a favourable economic outlook for the USA. 

Speaking about China, Beijing recorded collapse in February exports, with the shipments falling by more than 20%. In January the country posted a 9.1% increase in foreign supplies. As a result, investors are becoming more concerned about the global economy given downgraded economic outlook by the ECB as well as a decline in producers' orders in Germany along with the US and China report.

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11 March, 2019 14:40

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