US dollar posts different trends at week start

Posted 08 July, 2019

The US dollar has started the week with losing grounds vs the Japanese yen. At the same time, the greenback was mostly stable against the European currency. 

The euro-to-US dollar exchange rate stands at $1.1223, while the previous trading was closed near $1.1225.

However, the US dollar trimmed gains against the Japanese yen sliding to 108.35 (108.47 earlier).

The Australian counterpart posted a recovery. As a result, the Australian dollar-to-US dollar rate was recorded at $0.6990 ($0.6980 earlier).

Another point of interest is the Turkish lira which dropped by more than 2% against the US dollar to $0.1737 ($0.1777). The decline is said to be related to the decision of Turkey's President

Recep Tayyip Erdoğan dismissed the head of the Central Bank Murat Cetinkaya. 

Last week, the greenback got support from the labour market report that was released last Friday. According to the figures in the document, the market managed to exceed the forecasts which gave grounds to expect that the US Fed would to switch to aggressive interest rate cuts.

As a result, it is quite possible that the US Central Bank will not reduce the interest rate by 0.5 at the regular meeting in late July. However, salaries rose slightly which along with other factors mean means that the American economy is losing its driver, so some downward revision of the rate remains possible.

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08 July, 2019 12:53

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