Forex Today: The dollar’s remains the weakest
|Here is what you need to know on Thursday, August 6:
Dollar’s sell-off continued. A poor ADP survey that showed that the private sector added just 167K new jobs in July added pressure on the American currency. The ISM Services PMI surprised to the upside, but investors ignored the headline as the employment sub-component was weak. Meanwhile, the US Congress continues to discuss the next aid package, without reaching an agreement just yet.
High-yielding EUR, GBP and AUD flirted with their recent multi-month highs on the back of dollar’s weakness, but there was no follow-through, easing just modestly ahead of Wall Street close.
Equities closed with gains, while government bond yields bounced a bit from their recent lows, preventing the USD/JPY pair from collapsing.
USD/CAD plunged in a mixture of encouraging Canadian data and rising oil prices, with WTI reaching $43.50 a barrel. The US EIA stockpiles report showed that stockpiles were down by 7.37 million in the week ended July 31.
Gold prices soared, hitting fresh all-time highs. Spot gold traded as high as $2055.69 a troy ounce.
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