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🚀Dollar Falls Amid Economic Slowdown; Sterling Weak🚀
The U.S. dollar fell in early European trade Friday after weak data sparked fears of a significant slowdown in the world's largest economy, potentially leading the Federal Reserve to loosen monetary policy aggressively.
At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against six other currencies, traded 0.2% lower at 103.997. This decline continues after a 1.7% drop in July, marking its weakest monthly performance this year.
Dollar Weakens on Recession Fears
Overnight data showed U.S. manufacturing activity contracted at the fastest pace in eight months in July, and a key employment gauge fell sharply, increasing recession concerns. This raises risks for the upcoming payrolls report, with economists expecting the U.S. to have created 177,000 jobs in July, down from 206,000 in June.
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GBPUSD SELL @ 1.27391
🔹TP - 1.27135
🔸SL - 1.27550
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EURUSD SELL @ 1.07925
🔹TP - 1.07495
🔸SL - 1.08206
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EURUSD SELL @ 1.07925
🔹TP - 1.07495
🔸SL - 1.08206
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GBPUSD SELL @ 1.27972
🔹TP - 1.27284
🔸SL - 1.28318
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