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Data Weighs on US Dollar

September 9, 2013 at 14:53 by Miranda Marquit

A heap of hundred dollars US billsData continues to weigh on the US dollar today. Greenback plunged Friday after the unemployment report for August, and today’s performance is lower as other currencies make a stronger showing, backed by their own encouraging data.

US dollar is struggling today as the data situation favors other currencies. The jobs report for August was very disappointing, with the number of jobs added falling short of expectations. The data for the previous two months was revised downward as well, so that has impacted the dollar. Forex traders are starting to think that the US economy isn’t recovery so well after all.

In contrast is the economic data from other regions. Things are picking up in the United Kingdom, with George Osborne making a speech about the UK recovery turning a corner. Additionally, better than expected data out of the eurozone is helping the 17-nation currency against the greenback.

Today, the dollar is down against most of its major counterparts, including the yen.

At 14:49 GMT EUR/USD is up to 1.3250 from the open at 1.3164. GBP/USD is up to 1.5715 from the open at 1.5619. USD/JPY has slipped, and is down to 99.5550 from the open at 99.7215. USD/CAD is also lower, down to 1.0370 from the open at 1.0414.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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