Dollar On Backfoot Ahead of Payrolls Data, Trade War Doubts
Friday, 1 November 2019 08:49 WIB | CURRENCIES |DOLLAR

The dollar traded near a three-week low versus the yen on Friday before a U.S. employment report expected to show a slowdown in job creation, highlighting concerns about the health of the world's largest economy.

The U.S. currency also nursed losses against the euro and the pound after Bloomberg reported that Chinese officials have doubts about reaching a comprehensive long-term solution to the U.S.-Sino trade war.

The U.S. Federal Reserve cut interest rates this week for the third time this year and indicated that further monetary easing is unlikely, citing several pockets of strength in the U.S. economy.

However, the Fed's hawkish tone has failed to put a floor under the dollar and U.S. Treasury yields, which suggests some investors do not share the central bank's confidence in the economic outlook due to risks posed by the trade war.

The dollar stood at 108.02 yen on Friday, close to a three-week low of 107.92 reached on Thursday after renewed doubts about efforts to resolve the U.S.-China trade war rattled the greenback and pushed global stock markets lower.

The U.S. currency is on course for a 0.6% decline against the yen this week, which would be its biggest weekly loss since Oct. 4. The dollar index (DXY) against a basket of six major currencies eased slightly to 97.296, on course for a 0.55% weekly decline.

Source : Reuters

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