The dollar had a poor week last week. It was weak against both the euro and the pound due to poor GDP data, which showed that the US economy has fallen into recession. Rising infection rates and uncertainty surrounding the upcoming Presidential election also weighed on the dollar.
It’s a busy upcoming week of data for the US, culminating in Non-Farm Payrolls on Friday. They are expected to show that 2.2 million jobs were added in July, which would be a decrease from the previous figure of 4.8 million.
US lawmakers continue to debate the details of the coronavirus relief package. After a long meeting on Saturday, Treasury Secretary, Steven Mnuchin, said that “there’s still a lot of work to do” on breaking the impasse over conflicting priorities between Democrats and Republicans.
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