US dollar rises globally, other currencies fluctuate
The US dollar is now higher but is heading for a weak decline after weakening economic data prompted traders to expect further interest rate cuts this year, all while investors assess US President Donald Trump’s appointments to the Federal Reserve.
The dollar has been falling since last week’s jobs report for July showed that employers added fewer jobs than expected during the month, while employment data for previous months was revised sharply downward.
The dollar index, which measures the performance of the US currency against six major currencies, was at 98.1 in late daily trading, according to Reuters data.
With the US dollar declining by about 0.6 percent since the beginning of the week against some other currencies (foreign currencies), concerns about a decline in US economic momentum—particularly in the labor market—have spurred optimism about interest rate cuts.