US dollar weaker, US labour market figures in spotlight

Posted 04 October, 2019

The US dollar decreased vs the majors at the Friday Asian trading session. The American currency has been on the downward track for the fourth day in a row.

According to the market data, the euro-to-US dollar exchange rate was at $1.0977, while the previous session was closed near $1.0965.

The greenback weakened vs the Japanese yen as well. The rate was recorded at 106.81 (106.92 earlier). The pound sterling slightly got stronger in the pair with the US dollar. The exchange rate was $1.2345 ($1.2332 earlier).

The market is focused on the US labour market report. With the employment and jobless figures in September, investors will be able to predict the further monetary move of the US Federal Reserve during the next October meeting.

Weak economic reports affected the market this week putting pressure on the greenback, as the market expert commented. Besides, the expectations that the US Fed reduce the interest rate is rising, which became another downward driver for the yield of the US stat-bonds.

The released reports showed that ISM non-manufacturing dropped to 52.6 in September 2019, compared to 56,4 recorded a month before. New order subindex slackened from 60.3 to 53.7.

At the same time, the initial jobless claims int he USA hiked by 4,000 last week to 219,000 hitting the highest level over a 4-week period. For reference, the analysts mostly expected 215,000.

Notably, the US Labour Department will release the official data on Friday. The market participants forecast that the number of new jobs will rose by 145,000 (130,000 in August).

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