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Dollar hits two-week high against euro ahead of US jobs data

The dollar extended its gains, reaching a two-week high against the euro as traders scaled back their expectations for aggressive policy easing by the Federal Reserve. With a key U.S. jobs report scheduled for release later this week, the dollar’s momentum reflects growing uncertainty over the Fed’s next steps. The dollar surged to its highest point against the yen. This increase was driven by a rise in long-term Treasury yields, which hit their highest levels. The steady inflation data in the U.S. contributed to this trend, reducing the likelihood of a drastic 50 basis point rate cut by the Fed at its upcoming meeting. Read more to find out why dollar rising.

why dollar rising

Disclaimer:

Traders will continue to assess the implications for the Fed’s policy direction, keeping a close eye on employment figures and inflation trends. Risk management is advised to complement these releases closely for further indications of market trends.

Publication date:

2024-09-08 08:18:40 (GMT)

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