US dollar slacker at week's start

Posted 09 July, 2018

The US dollar remains weak against the majors once the June labour report in the USA was below expectations in terms of salary growth. At the same time, the sterling has lost some grounds after the responsible for EU leaving process, UK Prime Minister David Davis left the office due to the Brexit discord.

According to the news reports, the UK government generally managed to agree on the single position in the coming final talks on the Brexit. However, later in a day, David Davis resigned. Moreover, there are rumours that his deputy resigns as well.

The sterling started the week on the rise against the US dollar even despite the unexpected development in the government over the last weekend. For reference, David Davis stands against a soft Brexit model, that particularly was supported by the Cabinet. Notably, some other MPs are said to have a similar stance, so it is quite possible that they could follow Davis, which can summon a riot against Teresa May's plan.

The sterling-to-US dollar exchange rate went up to some 1.3317 ($1.3293).

At the same time, the US Dollar index dropped to some 93.55. 

According to the released labour market figures, the number of new jobs amounted to 231,000 in June (forecast – 190,000). Nevertheless, the unemployment rate rose to 4% (3.8% in May). Average hourly earnings increased 2.7% y-o-y instead of the expected 2.8%.

The euro-to-US dollar rate was at 1.1765 ($1.1746 earlier). The greenback was stable in the pair with the Japanese yen.

The Australian dollar posted gains against its American counterpart reaching 0.7465.

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