Doubts Over Global Economy Holds Dollar Back – 31 October, 2019

Concerns over the health of the worlds biggest economy caused the dollar to fall to a near three week low against the yen, with U.S. employment reports releasing on Friday expecting to show a slowdown in job creation. The Federal Reserve’s third round of interest rate cuts for the year happened earlier in the week, though many investors have little confidence in the ability for the U.S. and China to come to a reasonable trade agreement. Against the yen, the dollar is on course for a 0.6% decline, last stood at 108.02 yen, just above a three week low of 107.92. Against a basket of major currencies, the dollar index was headed for a 0.55% weekly decline at 97.296. The offshore yuan had its fifth straight week of gains, trading at 7.0464 per dollar. Sterling gained slightly to $1.2937.