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    The Greenback Lost Value Against the Euro

    Last Friday after the latest economic data in the U.S. showed a slowdown in the nation’s wage growth, the greenback dropped versus the euro and other major counter peers.

    The employment cost index in the U.S. climbed during the second quarter by just 0.2% as per the Department of Labor reports. Such a rise was the smallest one on a quarterly basis since 1982, being far lower than economists’ 0.6% expectations.

    The EUR/USD currency pair climbed 0.47% for the day, thus enabling the euro to rebound, whilst for the month of July the pair declined 1.7%.

    The USD/JPY pair traded lower on Friday to 123.84, having recorded a slowdown of 0.23%, after Thursday’s seven week high of 124.57.

    Furthermore, following FED’s indication that in the upcoming months the interest rates could escalate, mostly as of September, the greenback climbed earlier last week.

    As per the Commerce Department’s statement last Thursday, the economy in the U.S. expanded by 2.3% for the three months till June. 

    In the meantime, the GBP/USD traded at 1.5627 adding 0.17%, whereas the USD/CHF reached 0.9670, having recorded a drop of 0.23%. The Aussie approached the 0.7308 level, having risen by 0.21%.

    Moreover for this week, investors and traders will be closely monitoring the latest employment reports in the U.S., reports that could increase the expectations for higher interest rates.

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