The dollar steadied in holiday-thinned trade on Monday after U.S. jobs data showed job growth slowed further in August, while traders shifted their focus to the European Central Bank’s meeting on Thursday.
Broader sentiment on the dollar remained weak after Federal Reserve Chair Jerome Powell reiterated on Friday that the central bank plans to keep U.S. rates lower for longer.
The euro stood at $1.1830 on Monday as focus now shifts to Eurozone Sentix data. The British pound fell to $1.3205, retreating from its highest level in almost a year on fears over a no-deal Brexit. Against the yen, the dollar traded at 106.27, as Japan is due to release a slew of economic data on Tuesday.
Gold was up on Monday morning but remained in a range below $1,950, with investors turning to the safe-haven asset after weak economic data from the U.S. released during the previous week raised concerns about the global economic recovery from COVID-19.
Oil prices dropped more than 1% on Monday after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months while optimism about demand recovery cooled amid the coronavirus pandemic.
Given that the US markets are closed in observance of Labour Day, holiday-thinned liquidity conditions could possibly lead to an extension of the subdued/range-bound trading action on the first day of the week.
Dollar steadies after U.S. jobs report – Labour Day Holiday in the U.S today
Published on 2020-09-07 08:03
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