Dollar Remains Near Lows; Euro Rises on Inflationary Pressures
By Peter Nurse
Investing.com – The dollar remained trading around multi-week lows Thursday, with weak U.S. private payrolls data raising doubts about the country’s labor market recovery, while the euro surged to a one-month high.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged higher to 92.483, after dropping to a four-week low of 92.376 overnight.
USD/JPY edged lower to 109.97, GBP/USD rose 0.1% to 1.3782, and the risk sensitive AUD/USD climbed 0.2% to 0.7380, helped by Australia’s trade surplus widening to a record in July as exports of resources all rose strongly.
U.S. employment data released on Wednesday showed the ADP private payrolls grew by 374,000 in August, much lower than the around 600,000 jobs that had been widely expected.
Although the ADP report has been an inconsistent guide as to the official monthly…