Dollar Continues to Fall as Traders Await Job Report

Forex Weekly Outlook October 31-November 4
  • Dollar Continues to Fall as Traders Await Job Report

The US dollar declined for a third day against the euro single currency as investors await July’s Job data due on Friday.

The US dollar has lost about 11 percent against the euro this year alone and dropped against 15 remaining major peers.

Investors are expected to sell off US currency on weak job data and Euro to sustain its gain above 1.1850 levels.

However, experts believe the labour market is too healthy to open up 1.20 resistance yet. “It would have to be a disaster,” a trader said.

The US services sector expanded less than expected in July. But factory orders surged to 3 percent from a decline of 0.3 percent. Indicating that the weak US dollar is aiding factor activities, export orders.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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