The dollar continued to weaken against most of its rivals at the start of the week. While the drop against the euro was small, it showed no change of direction after the 2% loss of last week. The dollar’s weakening has accelerated this morning.
For USD/GBP, the pound’s recovery was the bigger part of the equation, but either way the end result has been a drop of some 8% from the 51-year high of last Monday.
Helping to drive the dollar down were various measures from ISM, most of it disappointing, including ISM manufacturing PMI for September which was only 50.9 when it was expected to be 52.9.
Several members of the Fed’s rate-setting committee the FOMC were speaking last night.
Today the headline data release will be JOLTs Job Openings for August, which are expected to drop from last month’s 11.239 million.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
USD/GBP past year
