Dollar rallied last week on better economic data and lower stress in financial markets
News and Events:
The Dollar climbed to five-week peaks against the Euro and three-week highs against the Sterling on Friday as better-than-expected economic data reduced worries about a much sharper slowdown. The Yen gained broadly helped by stress in financial markets on news that General Motors had hefty losses in Q2. That dragged US stocks lower and triggered safe-haven bids for Treasuries.
Friday's data showed that US employers eliminated 51k jobs in July, lower than market expectations for a payrolls decline of 75k. A separate report said US factory activity was unchanged in July, compared with the previous month, but above market forecasts.
Investors widely expect the Fed's policy-making Federal Open Market Committee (FOMC) to keep its benchmark federal funds rate steady at 2% when it meets on Tuesday.
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