The USD Under Pressure As The Anxiety Over The U.S. Economy Increases
Market comment on behalf of Hani Abuagla Senior Market Analyst at XTB MENA
September 4, 2024 (Investorideas.com Newswire) The US dollar was under some pressure as investors reacted to weak U.S. manufacturing data, which fueled concerns about the possibility of an economic downturn. This data heightened fears of a potential hard landing for the U.S. economy, causing a sell-off in riskier assets. The yen and other currencies benefited from the concerns as traders awaited key economic reports later in the week.
Market attention now shifts to upcoming U.S. data, including the Services sector and job market figures. The Services sector is expected to dip slightly to 51.1 points in August, from 51.4 in July. However, non-farm payroll (NFP) figures are anticipated to rise and unemployment to decrease from 4.3% to 4.2%.
A strong NFP reading could boost the U.S. dollar and treasury yields and could limit the yen's upside potential. Meanwhile, treasury yields could remain under pressure as expectations continue to target aggressive interest rate cuts and continue to shift between a 25 and 50 basis point cut.
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