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August 4, 2021

The U.S. Dollar fell to its three-week low on Friday, after non-farm payrolls data and the unemployment rate increased in June

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The U.S. Dollar fell to its three-week low on Friday, after nonfarm payrolls data and the unemployment rate increased in June while the Pound retreated as a key member of Britain’s cabinet resigned over Prime Minister Theresa May’s Brexit plan.

Meanwhile, the U.S. Dollar index dropped to its lowest level since June 14th and was down by 0.15 percent at 93.62.

Furthermore, In the United States, there was further pressure on the U.S. Dollar after data showed that the U.S. economy created more jobs than expected in June, while the unemployment rate rose higher.

While, Trade dispute between the U.S. and China remained in focus, as the U.S. tariffs on 35 billion U.S. Dollars worth of Chinese goods came into effect on Friday. Trump told reporters that another 16 billion U.S. Dollars is expected to go into effect in three weeks and that he is considering to impose additional tariffs on 500 billion U.S. Dollars in Chinese goods if Beijing retaliates.

The Euro had risen by 0.45 percent on Friday to its strongest point since mid-June. Over in the United Kingdom, The Pound rose to a three-week high on Friday before pulling back on news that British Brexit Secretary David Davis had resigned, a blow to Prime Minister Theresa May.

Regarding the safe havens, the USDJPY fell by 0.12 percent on Friday and open the session at 110.423 on Monday.

Meanwhile, The Canadian Dollar dropped against its U.S. counterpart on Friday, holding near its lowest level since June 17, Moreover, the Australian Dollar, which is considered a liquid proxy for China-related risk.

The AUDUSD was up by 0.5 percent to trade at 0.74245 at the close on Friday’s session. It’s the highest level since June 10.

Meanwhile, the Kiwi Dollar gained 0.72 percent to trade at 0.68335 NZDUSD at the close of the session on Friday.

Ali Hwary

Ali Hwary

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