The dollar struggled to stem its broad decline on Thursday as investors worried the U.S. economic recovery may lag other countries due to a high level of coronavirus infections while the global economy slowly gets back on its feet.
FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo/File Photo
“Dollar-selling seems to have resumed. We are having the same structure we saw in July,” said Shinichiro Kadota, senior strategist at Barclays. The common currency held an upper hand against the yen, trading at 125.27 yen EURJPY=R, having hit its highest level since April last year in the previous session.The dollar extended losses on Wednesday after the ADP National Employment Report showed U.S. private payrolls growth slowed sharply in July, suggesting the labour market recovery was faltering.
“Although the headline figure from the survey was strong, the employment component while ADP data was weak. These point to downside risks to Friday’s payroll data,” said Kadota at Barclays.
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