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Dollar Drifts Lower Against Major Rivals

Dollar Drifts Lower Against Major Rivals
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After showing some strength in the Asian session amid concerns over a possible slowdown in global growth momentum, the U.S. dollar retreated on Friday as stock markets turned positive and the rally in Treasuries halted.

The dollar index, which advanced to 92.54 in the Asian session, dropped to 92.09, down nearly 0.4% from Thursday’s close.

Against the Euro, the dollar weakened to 1.1880, giving up nearly 0.3%.

The Pound Sterling gained sharply, fetching $1.3899 a unit, compared with $1.3788 Thursday evening. Data from the Office for National Statistics showed that the UK economy expanded for the fourth consecutive month in May, albeit at a slower pace and remained below the pre-pandemic levels.

The Yen weakened to 110.13 against the dollar, easing from 109.76.

Against the Aussie, the dollar dropped to 0.7492, losing 0.85% from 0.7429.

The Swiss Franc recovered to 0.9138 a dollar from 0.9154. The Loonie strengthened to 1.2439 a dollar from 1.2534 Thursday evening, after data showed a bigger than expected increase in Canadian job growth.

Data from Statistics Canada showed that employment rose by 230,700 jobs in June following a decrease of 68,000 jobs in May. Economists had expected employment to grow by 195,000 jobs.

The unemployment rate in Canada dropped to 7.8% in June from 8.2% in May. Economists had expected the employment rate to fall by 7.7%.

The material has been provided by InstaForex Company – www.instaforex.com