{"id":43956,"date":"2023-08-03T09:50:57","date_gmt":"2023-08-03T13:50:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-gains-on-strong-jobs-data-sterling-awaits-boe-meeting\/"},"modified":"2023-08-03T09:50:59","modified_gmt":"2023-08-03T13:50:59","slug":"dollar-gains-on-strong-jobs-data-sterling-awaits-boe-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43956","title":{"rendered":"Dollar gains on strong jobs data; Sterling awaits BOE meeting"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar rose in early European trade Thursday, continuing the previous session\u2019s positive tone as strong private payrolls data overshadowed Fitch\u2019s downgrade of its U.S. sovereign rating.<\/p>\n

At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 102.602, just off a four-week high of 102.82 seen on Wednesday, when the index gained 0.5%.<\/p>\n

Dollar boosted by strong labor data<\/strong><\/h2>\n

The dollar has been boosted by showing that U.S. payrolls grew substantially more than expected in July, raising expectations for the official , which is due on Friday.<\/p>\n

After raising by a quarter of a percentage point in July, Fed chair Jerome Powell made it clear that the policymakers will be studying economic data for clues of the strength of the U.S. economy before it next meets in September.<\/p>\n

A strong labor market will likely result in continued wages pressure, which could prompt the Fed to continue its aggressive monetary tightening cycle.<\/p>\n

This enabled traders to shrug off a U.S. credit rating downgrade that cast doubt on the country’s fiscal outlook.<\/p>\n

\u201cExpectations that jobs figures will still be robust this week likely prevented any further dovish repricing in the USD curve,\u201d analysts at ING, said in a note.<\/p>\n

Sterling edged lower ahead of BOE meeting<\/strong><\/h2>\n

traded 0.2% lower at 1.2689, ahead of the ‘s monetary policy decision later on Thursday, where the central bank is expected to raise interest rates to a 15-year high of 5.25% from 5%.<\/p>\n

U.K. fell to 7.9% in June, easing off 8.7% in May, which points to a 25-basis-point hike, instead of a repeat of last month\u2019s 50 bps increase. However, this is still well above the central bank\u2019s 2% medium-term target, which may make the BOE the last of its peer central banks to end its tightening cycle.<\/p>\n

Euro slips lower; German economy is struggling<\/strong><\/h2>\n

fell 0.2% to 1.0920, after slumped 3.4% in June, indicative of weak domestic demand in the largest economy in the eurozone.<\/p>\n

Services PMI data is due through the eurozone, later this session, and should show this sector in expansion, in contrast with the weak manufacturing activity data seen earlier this week.<\/p>\n

Yen slips after BOJ\u2019s bond buying<\/strong><\/h2>\n

rose 0.2% to 143.66, with the Japanese yen hit after the Bank of Japan carried out another unscheduled bond-buying operation.<\/p>\n

fell 0.2% to 0.6525, after the release of data showing Australia\u2019s remained steady in June, while fell less than expected in the second quarter.<\/p>\n

fell 0.5% to 7.1551, with the Chinese yuan benefiting from the release of a showing that the country\u2019s service sector grew more than expected in July.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar rose in early European trade Thursday, continuing the previous session\u2019s positive tone as strong private payrolls data overshadowed Fitch\u2019s downgrade of its U.S. sovereign rating. At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 102.602, just off […]<\/p>\n","protected":false},"author":1,"featured_media":1276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-43956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar gains on strong jobs data; Sterling awaits BOE meeting | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar rose in early European trade Thursday, continuing the previous session\u2019s positive tone as strong private payrolls data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=43956\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar gains on strong jobs data; 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