US dollar extends gains following US employment data release
Data showed that the US unemployment rate fell more than expected for the month of August supporting the greenback. Most G-10 currencies weakened on the back of broad USD strength except for the CAD that benefited from Canada's release of better than expected employment data.
September 4, 2020
EUR/USD 1.1799 GBP/USD 1.3208 USD/CAD 1.3119 AUD/USD 0.7243 USD/JPY 106.45 USD/CNH 6.8453 USD/ILS 3.3706 USD/MXN 21.5709 USD/CHF 0.9143 USD/INR 73.1425
USDThe greenback was trading largely mixed ahead of US jobs data. The report showed that the unemployment rate fell more than expected supporting the currency.GBPEarlier in the trading session, GBP snapped a two-day decline and reversed losses trading above the 1.33 level. Sterling has since traded lower hovering around the 1.32 level.EUREUR/USD remained largely unchanged holding above key technical level of 1.1780. Following data release out of the US, the common currency failed to hold its ground and dipped to a low of 1.1802.CADThe loonie continues to outperform its peers following reports showing a sharp rise in full-time employment and wage gains. USD/CAD fell as much as 0.4% on the report and is hovering around the 1.31 level.ASIA/PACIFIC
USD/JPY hit but failed to break through the 55-DMA of 106.48 following the US jobs report. The Australian dollar continues to drop, weakening 1.3% so far this week.
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