The Dollar Rebounds Ahead of NFP Report.

 

Despite decreasing US Treasury bond rates on Thursday, the dollar recovered ground versus its competitors early Friday. The US Dollar Index registers moderate daily gains close to 106.00 ahead of July’s crucial US employment data. There won’t be any significant data releases on the European docket, and the market is still in a somewhat bullish mood, with US stock index futures trading in the green. The benchmark 10-year US Treasury note yield is just below 2.7 percent, which enables the dollar to maintain its strength in the early hours of European morning.

Following its policy meeting in August, the Bank of England (BOE) stated on Thursday that it had increased its benchmark interest rate by 50 basis points to 1.75 percent. However, the BOE said in its updated predictions that it expects the UK economy to enter a recession in the last quarter of the year. The British pound suffered significant losses due to the bleak economic outlook. GBP/USD hit a daily low of 1.2065 before mounting a comeback on further dollar weakening in the afternoon. At the time of publication, the pair was oscillating close to 1.2150.

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