USD is falling to its lowest level in a week ahead of jobs data and FED record

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USD fell on Thursday to its lowest level in a week against a basket of world currencies, continuing losses for the third day in a row as investors assessed the ongoing trade dispute between the United States and China. US private sector jobs in June, and other data on the raw materials sector, as investors await the minutes of the Federal Reserve’s latest meeting, which is expected to provide strong evidence on the pace of raising US interest rates during this year. M.

USD index fell more than 0.2% at 12:05 GMT, trading at 94.00 points, the opening level at 94.27 points, the highest at 94.33 points and the lowest at 93.979 points, the lowest since June 26.

The index ended yesterday’s trading down 0.1%, the second daily loss, respectively, reflecting the continued decline of the US currency against a basket of major and secondary currencies.

EURUSD

EURUSD


Investors are following up on the current trade dispute between the United States and China, especially before the new US tariffs come into force on Friday for Chinese goods worth about 34 billion US dollars, and China’s threat to respond immediately to those tariffs.

Later in the day, investors are expected to see significant economic data from the US, most notably US private sector jobs in June, and other data on the services sector.

By 1905 GMT, private sector jobs expected to rise 190,000 in June from 178,000 in May.

On the Services sector, the final reading of the June Service Purchasing Managers Index (PMI) is expected to be the same as the initial reading of 56.5 points, and the Institute of Supply Service Index is expected to reach 58.3 points in June from 58.6 points in May.

The minutes of the last meeting of the Federal Reserve, which took place on June 12-13, will be released by 1800 GMT and have raised interest rates 25 basis points for the second time this year to 2.0%. The record provides strong indications of the pace of interest rate hikes America during this year.

 

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