NEW: US dollar falls amid cooling labour market

30 Aug, 2023 - 15:08 0 Views
NEW: US dollar falls amid cooling labour market

The Sunday Mail

The US dollar lost in late trading on Tuesday, as the US labor market was cooling and consumer confidence retreated.

The dollar index, which measures the greenback against six major peers, decreased 0,50 percent to 103.5332 in late trading.

The number of job openings in July stood at 8,82 million, the lowest level since March 2021, the US Labor Department reported on Tuesday.

It followed 9,16 million job openings in June and came in below the market expectation of 9,46 million, indicating Americans were becoming less confident in the labor market.

“Over the month, the number of hires and total separations changed little at 5,8 million and 5,5 million, respectively,” the report said.

The US dollar came under selling pressure with the immediate reaction.

Meanwhile, The Conference Board released its consumer confidence index on Tuesday, which gauges Americans’ attitudes toward the economy and job market, fell to a reading of 106,1 in August, down from 114 in July, reversing the improvements made in the summer.

“August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular,” said Dana Peterson, chief economist at The Conference Board.

In late New York trading, the euro rose to US$1,0871 from US$1,0812 in the previous session, and the British pound was up to US$1,2632 from US$1,2600. The US dollar bought 145,8550 Japanese yen, lower than 146,5060 Japanese yen of the previous session.

The US dollar fell to 0,8787 Swiss francs from 0,8840 Swiss francs, and it fell to 1,3564 Canadian dollars from 1,3604 Canadian dollars. The US dollar decreased to 10,8714 Swedish krona from 10,9973 Swedish krona. – Xinhua

 

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