Forex Today: Dollar’s modest recovery does not change the picture

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What you need to know on Wednesday, September 1:

The dollar extended its slump throughout the first half of the day, reaching a fresh multi-week low against most major rivals, mainly high-yielding ones. The American currency later recovered ahead of the daily close, helped by profit-taking and month-end flows. Nevertheless, it remains among the weakest across the FX board and could keep falling in the upcoming sessions.

The EUR/USD pair managed to retain the 1.1800 level, while the AUD/USD pair held above 0.7300. GBP/USD closed unchanged for a second consecutive day around 0.3750.

The USD/CAD pair edged higher, following a disappointing Canadian GDP report, as the economy contracted by 1.1% during the second quarter of 2021 against the market´s expectations for a 2.5% growth and following a 5.5% rise in the previous quarter.

Gold posted a modest intraday advance, ending the day at $1,814.20 a troy ounce. Crude oil prices edged marginally lower, with WTI ending the day at $68.50 a barrel.

European and American indexes finished the day with modest losses, not far from their opening levels. US Treasury yields ticked higher, with that on the 10-year Treasury note settling at 1.309%.

Market participants are now waiting for US employment-related data and its possible effects on future Federal Reserve’s decisions.

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