Forex

Dollar deepens losses on weak economic data

2020-08-05 18:19:24 GMT (Economies.com)

The US dollar fell against most currencies on Wednesday, to deepen its losses due to disappointing jobs data in the US.

 

Coronavirus infections rose to 18.3 million confirmed cases globally, with more than 4.8 million in the US alone, which has renewed concerns over the return of the public lockdown restrictions.

 

The US government revealed its contract with the company Johnson & Johnson to provide 100 million doses of its coronavirus vaccine worth $1 billion.

 

ADP data showed today that the US private sector has added 167K new jobs last month, much lower than forecasts of 1.2 million new jobs. Which comes ahead of the monthly jobs report on Friday.

 

The dollar index fell against a basket of currencies by 0.7% to 92.6 points as of 17:23 GMT, after it hit a high of 93.2 and a low of 92.6.

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