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The greenback somewhat recovers, inflation data strengthens the Norwegian crown while devaluing the Chinese yuan

By Rana Gharib
10 Jul,2023
The greenback somewhat recovers, inflation data strengthens the Norwegian crown while devaluing the Chinese yuan

The dollar partially recovered on Monday after Friday's data revealed that employment growth in the United States was the smallest in two and a half years, while disappointing inflation data in China hurt the yuan and its proxies.

The employment report's specifics, which highlighted the ongoingly strong pay growth, reinforced market expectations for a subsequent rate rise later this month.

Both the dollar's Friday decline and its Monday recovery were widespread.

EUR/USD was recently down 0.14% at $1.0953 after rising by 0.7% on Friday.

GBP/USD slipped by 0.25% to $1.2809 after climbing by 0.79% the day before to a 15-month high of $1.2850.

JPY/USD advanced to 0.55% in relation to the Japanese yen before falling roughly 1.3% on Friday. It was recently up 0.06% at 142.31.

Market attention now shifts to U.S. inflation data due on Wednesday, where forecasts are for core CPI to have increased 5% on an annual basis in June.

 

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