In the report of a lower-than-expected growth data in the US, the greenback had fallen last Friday. Today, however, the greenback managed to bounce back, nursing its losses.
On Monday, the dollar tended its
losses from lows it reached after the announcement of a downbeat US growth data
report before the weekend.
In a note by Marc Chandler, the
global head of currency strategy at Brown Brothers Harriman, it was written
that “the US dollar advance was stopped in its tracks by the disappointingly
weak Q2 GDP figures.”
The dollar index was higher at a
meager 0.1% at 95.578, recovering from its Friday trough of 95.384, the lowest
level last seen on July 5.
Meanwhile, the euro nudged higher
0.1% to $1.1176 while the sterling climbed 0.2% to $1.3251. Investors turned
their attention to the Bank of England’s decision on Thursday.
The Australian dollar was trading
higher at $0.7608.
Elsewhere, non-farm payrolls
report for July will be released on Friday. In a poll by Reuters, economists
predict an increase of 175,000 jobs, lower from June’s 287,000 gain. Jobless
rate is forecasted hovering steady at 4.9%.
