US dollar swings between gains and losses after jobs data released better than expected

US dollar swings between gains and losses after jobs data released better than expected

The Bloomberg Dollar Index is down slightly after gaining as much as 0.4% following the release of the US jobs data and as tension between the US and China increases. Employment report from the US showed that nonfarm payroll increased 1.76M vs. the expectation of 1.48M. US President Donald Trump issued two executive orders to ban Chinese tech giants TikTok and WeChat.

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  • FX Rates
    August 7, 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 US dollar weakens for a third day as markets focus on US stimulus talks and following US Jobs data report. US Jobs data was released better than expected causing downward pressure on the greenback.

    Sterling traded lower after an uptick yesterday following positive commentary from the Bank of England. The GBP/USD currency pair hit a low of 1.3066.

    EUR/USD fell as much as 0.6% against the greenback earlier in the session. Reports that Germany recorded its highest number of new Covid-19 cases in more than three months has caused downward pressure on the currency pair.

    The Canadian dollar weakened ahead of jobs data due to be released from both Canada and the US. USD/CAD extended its move higher hitting a level of 1.3373 as oil prices fell 1.3% to $41.42/bbl.

    The Reserve Bank of Australia met overnight and made dovish comments causing the Aussie dollar to weaken. RBA Assistant Governor Luci Ellis said that the economy would likely take “several years” to return to the state prior to the virus outbreak. Australian dollar and New Zealand dollar have since jumped to session highs as momentum demand increased.
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Cate Camerota
Cate Camerota

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