Dollar struggles to maintain upward before US inflation data ‎release

Dollar struggled to maintain its value on Monday after the US jobs report provided few clues about the state of the economy and with market focus shifting to inflation data due from the world’s two largest economies this week.

According to Reuters, the dollar fell to its lowest level in a week against a basket of currencies following the release of job data, but the losses were limited given that the report indicated that the labor market is still strong, which means that the US central bank may need to keep interest rates high. for longer.

The latest rise in the dollar index during the session was 0.08% at 102.14 points, moving away from the lowest level it had reached on Friday at 101.73 points, while the pound sterling declined 0.11% to 1.2737 dollars, while the euro fell 0.14% to 1.0994 dollars.

US inflation data is due on Thursday, with core inflation expected to rise 4.7% year-on-year in July, and China’s July inflation report is also due on Wednesday, as traders expect more signs of slowing inflation in the second-largest economy. in the world.

Chinese yuan touched its lowest level in two weeks today, Monday, and lost 0.2% in offshore trading, reaching 7.2042 yuan per dollar, while the Australian dollar fell 0.04% to $0.6568, while the New Zealand dollar rose 0.01% to $0.60985.

Japanese yen lost nearly 0.3% to 142.13 yen per dollar, after hitting a one-week high of 141.52 yen per dollar in early Asian trading.