The US dollar is weakening today. According to Reuters, its decline is driven by doubts about the future development of artificial intelligence (AI), whose growth has recently led to a strong inflow of capital into the US stock market. The euro, on the other hand, is strengthening, although concerns about the unrest in France persist.
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Modest euro recovery to 1.1230 USD
Around 5:45 PM CEST, the single European currency was up roughly 0.2 percent against the dollar, trading close to 1.1230 USD. “Concerns about France won’t disappear anytime soon,” said analyst Tommy von Brömsen from Handelsbanken. “The negative sentiment toward France will persist for some time,” he added.
France has seen large demonstrations in recent days, accompanied in some places by violence and looting. The French government said today that curfews imposed in areas affected by the violence have brought some calm to the situation.
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Surprising drop in unemployment to 4.7%
The British pound strengthened today following favorable data on the UK labor market. The unemployment rate in the United Kingdom unexpectedly fell to 4.7 percent in the June-to-August period, down from 4.9 percent in the three-month period ending in July. Analysts had expected the unemployment rate to remain unchanged.
Around 5:45 PM CEST, the pound was up roughly half a percent against the dollar, at 1.3370 USD. “A resilient labor market could give the Bank of England both room and reason for further interest rate hikes,” said analyst Lale Akoner from eToro.
Read more: FX Junction
Source: ČTK
