US dollar extends gains following US employment data release

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.

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  • FX Rates
    September 4, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

  • USD
    The greenback was trading largely mixed ahead of US jobs data. The report showed that the unemployment rate fell more than expected supporting the currency.
    Earlier 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.
    EUR/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.
    The 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.

    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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Cate Camerota
Cate Camerota

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