On Monday, U.S. dollar reversed gains as it went lower against its major rivals-Swiss franc, yen and euro, which resulted from the adoption of a cautious attitude of investors towards the currency ahead of data on payrolls which is set at the last day of the week supposedly.
In August, data show that consumers had a spending of 0.5%, which is a bit higher compared to July’s consumer spending of 0.1%. This increase also meant that many people are not saving that much, a good sign that they have more confidence on the economy now than last month.
The expected report of U.S. jobs data this week came ahead, which was supposedly not due until Friday. Economists, most of them, expected that there’s a bounce back on the payrolls with not less than 200,000 jobs.
The U.S. dollar USDJPY trade went down from ¥109.68 to 109.24 with the higher figure the most that was realized since August of 2008. This peak way back was experienced during the Asian trading overnight.
The British pound traded from $1.6246 to $1.6253, a bit higher compared to last week, and euro EURUSD traded up from $1.2667 to $1.2712 Monday.
The measure of the value of the U.S. dollar against its major rivals like the currencies mentioned above is called the ICE U.S. Dollar Index. This dropped by 85.4860 or 0.2%.
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