The U.S. dollar continues its historic decline, falling to its lowest level in seven weeks after a worse-than-expected jobs report for August.
The U.S. dollar fell against a basket of foreign currencies in the wake of data that showed the American economy created only 22,000 jobs during August.
The weak labour market has raised expectations for the U.S. Federal Reserve to resume lowering interest rates at its next meeting scheduled for Sept. 17.
Investors are now awaiting revisions to payrolls for the period from April 2024 to March 2025, which is expected to show a negative revision of 400,000 jobs.
The latest U.S. inflation reading is also expected in coming days, with economists warning that a rise in consumer prices could signal a new era of stagflation.
Stagflation is when inflation rises even though the economy stagnates. It has not occurred in the U.S. since the early 1980s.
The U.S. dollar index is now at a low of 97.259. The greenback, as the currency is known, is at its lowest level since America gave up the gold standard in 1973.
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