Dollar Stays at 4-Week High on Strong Jobs Data

The U.S. dollar stayed at a four-week high against other major currencies on Thursday as strong private payrolls data overshadowed Fitch’s downgrade of its U.S. sovereign rating.

Dollar index trades 0.2% higher at 102.602 at 14:10 Bangkok time, just off a four-week high of 102.82 set on Wednesday. The dollar index gauges the value of the dollar compared to a basket of six other currencies.

U.S. payrolls climbed much more than expected in July, according to private data, which has strengthened the dollar and raised hopes for the official jobs report.

On Friday, the U.S. will release its nonfarm payrolls report.

Following a quarter-point increase in interest rates in July, Federal Reserve Chair Jerome Powell has made it clear that policymakers would be looking at economic data for indicators of the health of the U.S. economy before the next meeting in September.