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Prior to the announcement of the inflation statistics, the greenback ticked up

By Rana Gharib
07 Aug,2023
Prior to the announcement of the inflation statistics, the greenback ticked up

The dollar edged on Monday after a mixed employment report on Friday dropped it to a one-week low. The market now has its attention on inflation data from the two largest nations in the world that are expected this week.

The euro declined as statistics released on Monday revealed that German industrial production declined more dramatically than anticipated in June, highlighting the difficulties the manufacturing sector is facing in the midst of a crisis in Europe's largest economy.

Following data showing the U.S. economy gained fewer jobs than anticipated in July, the dollar fell to a one-week low on Friday. However, its daily losses were constrained by indications of strong pay growth and a fall in the unemployment rate.

EUR/USD dipped 0.34% to $1.0975, gearing towards the lowest level in 1 month.

GBP/USD slipped 0.15% to $1.2732, following BOE’s rate hike by 25 basis points to a 15-year high of 5.25%, they are approaching a one-month low reached on Thursday.

USD/JPY slumped 0.44% to 142.38 per dollar pot touching the highest level in 1 week at 141.52 per dollar.

 

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