On Friday, US employment data was released, directly affecting the performance of the US currency in the Forex market. Well, the dollar is falling back into trading due to the negative unemployment figures.
The performance of the US currency has always been affected by multiple Bitcoin Loophole factors emanating from the US government. And in this case, we can see the dollar weakening again due to the tense economic situation in the US.
The dollar closes the month of August with a minimum of 2 years
The Dollar Falls Again
Traders and investors focused their trading on other currencies in the Forex market. This after a report from the Department of Labor announced that employment growth in the United States slowed further in August. Threatening economic recovery from the crisis caused by the COVID-19 pandemic.
This is not unheard of. Well, the United States has struggled over the past 3 months to implement measures that will get its troubled economy back on track in record time.
However, these measures appear to be too drastic for the market. Causing doubts and worries about the future of the dollar to increase among Forex traders.
The unemployment rate finally dropped to one digit, more precisely to 8.4%, although the creation of new jobs was not as expected. In addition, programs to help companies pay wages began to expire, according to a Reuters report.
It is important to note that the fall of the dollar at the beginning of the week stimulated the euro above the key level of 1.20 dollars. Happening for the first time since 2018.
But those gains quickly evaporated. This after the chief economist of the European Central Bank, Philip Lane, said that the exchange rate of the EURUSD did affect the future economic policies of the European bloc. He also suggested that the rise in the euro had been too fast and too strong for the ECB’s taste.