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Weak Job Data Complicates Fed’s Taper Plans. Dollar Slips to a Month-Low

September 6, 2021 by Forex Winner Leave a Comment

Weak Job Data Complicates Fed’s Taper Plans. Dollar Slips to a Month-Low

The dollar rose marginally by 0.05% on Monday, from a month low of 91.94 reached on Friday, following a below-estimate nonfarm payroll job adds of 235,000. DXY is up +0.15%.

  • The dollar-plunge on Friday reflected investor concerns over the bond tapering plans by the Federal Reserve, with the central bank expected to use the payroll numbers to determine policy.
  • Analysts see Fed tapering waiting longer, with the Commonwealth Bank of Australia expecting it to occur from December, from the previous outlook of October.
  • CBA analysts see the COVID situation in the US continuing to weigh on the dollar, with other economies posting a better outlook.
  • The euro matched its June 29 highs at $1.1909 on Friday following dollar weaknesses and growing expectations of policy tightening by the ECB. 
  • The Australian dollar shed only 0.17% to $0.7435 on Monday, but remained almost close to the highest since July 15.  New Zealand’s kiwi was down by 0.07% on Monday, slightly below Friday’s high of $0.7170, which was the highest since June 11.

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