Dollar Languishes as Weak U.S. Jobs Data Sparks Safety Flight

Thursday, 3 October 2019 08:10 WIB

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The dollar nursed losses on Thursday, hitting near one-week lows against the euro and yen, amid signs of a slowdown in U.S. economic growth and a deepening of global trade tensions.

The greenback fell overnight after data showed hiring by U.S. private employers had slowed in September, the latest indicator that the Sino-U.S. trade dispute is hurting the world’s largest economy.

The weaker-than-expected numbers follow a separate release on Tuesday that showed a sharp decline in factory activity that sent stock markets and bond yields tumbling.

The dollar weakened slightly to 107.13 Japanese yen and $1.0962 per euro, both only a fraction above a one-week lows touched overnight.

The weakness in the U.S. follows a slew of poor economic data from Europe and signs of a hastening slowdown in China.

Adding to concerns, the United States won approval on Wednesday to levy tariffs on $7.5 billion worth of European goods over illegal subsidies handed to Airbus, threatening to trigger a transatlantic trade war.

The next readings on global economic health will be European August retail sales and a German service sector survey due on Thursday, and September’s U.S. non-manufacturing ISM survey due at 1400 GMT.

Against a basket of currencies the dollar was flat at 99.022.

The pound was steady at $1.2302 after fluctuating in a tight range as British Prime Minister Boris Johnson proposed an all-island regulatory zone in Ireland in his final pitch for a Brexit deal before the end of the month.

Source : Reuters


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