Dollar drops, investors focus on key payrolls data
The dollar opened the trading week with a weak performance on Monday. It placed above a one-month low in tight trading ranges before the release of the United States’ employment data that could affect Federal Reserve policy.
The Dollar Index that measures the greenback against other major currencies tallied a 0.1% crash to 92.102, marginally higher than last Friday’s 91.775.
The USD/JPY pair dropped to 109.67, while the GBP/USD pair rose to 1.3905.
The EUR/USD pair barely moved at 1.1867.
The AUD/USD pair marginally slid at 0.7342, while the USD/CNY pair jumped 0.1% to 6.4645.
Fed board member Lael Brainard reiterated over the weekend that further labor market progress remains the priority of the central bank.
Now, investors focus on the July nonfarm payrolls set to be released on Friday. Economists are expecting the biggest expansion for 11 months of 900,000 jobs. This will follow an increase of 850,000 in June that beat forecasts.