The U.S. dollar declined today against the other major currencies, after showing a good performance yesterday, as the investors expect that the labor market reports, that are to be released today, will signal a further worsening of the recession in the United States.
The Japanese yen is the only major currency that is rising against the greenback for the second day today. It started to react yesterday after Moody’s rating agency said that it may revise the credit ratings of the three U.S. largest banks. But the greatest pressure on the dollar is provided by the expectations for the nonfarm payrolls to fall by the most since 1949 this February.
More than that, if the nonfarm payrolls report will show the worse than expected decline, the dollar selling may turn into a real rally and continue through the next week. On the other hand, analysts say that if the report comes out not so bad, the today’s decline may get snapped by the dollar soon.
EUR/USD rose from 1.2540 to 1.2698 as of 8:25 GMT today. GBP/USD went up from 1.4121 to 1.4272, while USD/JPY declined from 98.03 to 97.31 today.
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