The dollar is stronger this morning against a basket of currencies due to global growth fears. These have been exacerbated by fears of more lockdowns in China after Shanghai reported its first case of the highly infectious BA.5 omicron sub-variant yesterday.
Despite economic worries, data released on Friday revealed that the US’ unemployment rate remained at 3.6% in June, remaining at its lowest since February 2020.
This week, inflation data will be released for June, expected to show a slight increase to 8.8% annually from 8.6% last month. Core inflation, however, is expected to rise slightly.
