U.S. payrolls report puts Dollar on track for rebound
The U.S. Dollar was on track to take back lost ground on Monday after it saw a record streak of losses since a decade as the market fell short of the currency.
A better-than-expected payrolls report on Friday gave the Dollar a much-needed boost, pushing U.S. Treasury yields higher into this week’s massive $112 billion debt sale. However, the U.S. currency still traded lower for the seventh consecutive week.
Against a basket of currencies, the Dollar held steady at 93.434, just a fraction above a two-year low.
The Euro traded at $1.773 on Monday, holding firm after it had reached a two-year high of $1.1915 in the previous week.
The Japanese Yen traded at 105.89 per Dollar, inches above a recent low of 104.17. However, it still faced stiff headwinds standing at 106.46.
However, worries still mount over flaring U.S.-China tensions as the two largest economies schedule for trade talks on August 15 despite recent U.S. sanctions on Chinese officials.