The US dollar Facing The Weak Jobs Data And Feds, Will it Continue to Decline?

The dollar fell to its lowest level in more than two months against other major currencies today, Monday, after the disappointing jobs report in the United States, prompting investors to reduce their forecast of raising interest rates, while the focus turns to inflation data released this week.

The United States added just over a quarter of the jobs that economists had forecast last month, and the unemployment rate increased unexpectedly, making speculation of a significant rise in the rate of inflation abating.

The dollar index, which measures the performance of the US currency against six currencies, reached 90.259, after dropping to 90.128 for the first time since February 26 earlier in the session.

The British pound was the biggest gainer among the most traded currencies, rising 0.5% to the highest level since February 25 despite the Scottish leader’s statement that another referendum for independence was inevitable after her party’s resounding victory in the election.

The euro rose 0.1% to $ 1.2172, and earlier touched its highest level since February 26 at $1.2177.

The dollar rose to 108.865 yen, but it was still not far from its lowest level since April 27.

The Australian dollar traded near its highest level in more than two months at $0.7847, while the Canadian dollar rose to its highest level in three and a half years at $ 1.2111.