Dollar is near the highest level in 4 weeks, thanks to the strength of the US economy

The dollar settled near the highest level in four weeks on Thursday, indifferent to the downgrade of the US credit rating, which cast a shadow over the financial outlook for the United States, and benefiting from strong data for jobs in the private sector.

Data on Wednesday showed that US private sector jobs increased more than expected in July, which supported the dollar as the data indicated continued strength in the labor market, which is expected to keep US interest rates high for a longer period.

That pushed the dollar index to its highest since July 7 in the last session. In the latest transaction, it reached 102.56, not far from the highest level it recorded on Wednesday at 102.78.

The euro rose 0.06 percent to $1.0944, compensating for some of the losses it suffered from the previous session.

The British pound rose 0.02% to $1.2714 ahead of the Bank of England (central) monetary policy decision later on Thursday. The bank is expected to raise interest rates to their highest level in 15 years to 5.25 percent from 5 percent.

And the Japanese yen recorded a slight increase to 143.31 per dollar, but it is still near its lowest level in more than three weeks of 143.545 per dollar recorded earlier this week.

In the latest transaction, the Australian dollar rose 0.14% to $0.65465, while the New Zealand dollar fell 0.02% to $0.6079.