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Location: Dollar Sinks Against Most Currencies by Weekend The US dollar sank against the majority of most-traded currencies by the end of the past trading week due to the overwhelmingly negative US employment report. The only major currency that was even weaker than the greenback turned out to be the Great Britain pound. Ahead of the event, things looked good for the US currency as traders were betting on an interest rate hike in the near future. Yet everything has changed after non-farm payrolls showed that employment growth was almost nonexistent last month. Even the drop of the unemployment rate had a darker story behind it, being caused the decrease of labor force participation. The euro and the Great Britain pound had their own negative factors that led to the weakness of the currencies. The euro was hurt by the European Central Bank’s statement while the pound suffered from polls that showed votes for Britain to leave the European Union are gaining traction. EUR/USD climbed 2.2% from 1.1112 to 1.1355 over the week. GBP/USD closed at 1.4518, below this week’s opening of 1.4606. USD/JPY slumped as much as 3.4% from 110.40 to 106.62 — the lowest weekly close since the late April. If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Dollar Index Edges Higher Following Friday’s Comments from Yellen

The US dollar continued to benefit from the outlook for monetary tightening from the Federal Reserve, rising against a basket of currencies during Monday’s trading. The greenback gained mostly on currencies of emerging markets, while its performance versus major currencies was far from stellar. Fed Chair Janet Yellen was speaking on Friday, and she has signaled that the Fed may tighten monetary policy “in the coming months.” Such comments supported the dollar, and the Dollar Index rose about 0.2% during the current trading session. Yet the greenback struggled to rise against majors, with the exception of the very soft yen. One of the possible reasons for the dollar’s underperformance was the fact that US markets are closed for a holiday. This prevented the reaction to the Yellen’s words to be as strong as could have been otherwise. EUR/USD edged higher from 1.1112 to 1.1134 as of 18:08 GMT today. GBP/USD went up from 1.4606 to 1.4632. USD/JPY climbed from 110.41 to 111.08. If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below. http://www.earnforex.com/news/2016/05/30/dollar-index-edges-higher-following-fridays-comments-from-yellen/

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