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August 3, 2021

greenback flat on Friday as Trump said that his strategy of regarding tariffs on imports is “working far better than anyone ever anticipated,”


U.S. President Trump said on Saturday that his strategy of placing steep tariffs on imports of goods from China is “working far better than anyone ever anticipated,” and that Beijing was talking to the United States about the trade.

The Dollar Index, which measures the greenback against a basket of six other major currencies, traded flat on Friday to close at 95.17, after reaching 95.37, ten-days high.

Meanwhile, Investors turned their focus to the yuan after the People’s Bank of China made it more expensive to bet against the currency, the Central bank’s actions supported the Chineses currency which helped it bounce back from 15-month lows against the greenback.

In the labour market, U.S. jobs growth eased slightly more than market concensus in July. Be that as is may,  the drop in unemployment rate suggests the possiblity tightening in labor market conditions.

The Fed kept rates unchanged as widely expected last Wednesday, and gave an upbeat assessment of the world’s largest economy.

Moreover, the U.S Nonfarm Payroll which measures the change in the number of people employed during the previous month, not including the farming sector came at 157,000 much lower than expectainons the preivous redaing which came at 193,000 and 248,000 respectiavaly.

Over in Europe, the Common currency kept the bearish trend against the U.S Dollar on Friday for the fourth consecutive day; the EURUSD dropped by 0.36 percent to reach 1.1567 at the close.

In the United Kingdom, the Cable fell against the U.S Dollar on Friday; with the GBPUSD fell by 0.13 percent to close at 1.3000.

Regarding safe-havens, the greenback fell against the Japanese Yen and the Swiss franc on Friday; the USDJPY dropped by  0.35 percent to close at 111.24. While the USDCHF fell by 0.1 percent to close at 0.9943.

Elsewhere in Canada, the greenback fell against the Loonie dollar to end the session down at 1.2990, as the losses in oil prices appeared on Friday, to close at 68.63 Dollar per barrel.

In Asia, both Aussie and Kiwi rose against their U.S counterpart to close the session on positive notes at 0.7398 AUDUSD and 0.6744 NZDUSD.

Regarding Cryptos, the Litecoin and Ethereum rose against the Greenback to end the session at 75.17 LTCUSD and 413.14 ETHUSD, while BTCUSD closed the session Down at 7362.31.



Ali Hwary

Ali Hwary

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Asian equities were mixed as investors kept an eye on intensifying trade tensions between the U.S. and China