Dollar recovers from 27-month low ahead of US jobs data

The US dollar rose on Friday, recovering from the 27-month low that was hit yesterday, heading for its first gain in four days, ahead of the US jobs report for July, which delivers insight on the coronavirus economic impact.

The dollar index rose over 0.4% to 93.22 points, after opening at 92.81, and hit an intraday low of 92.76 points.

The greenback slipped 0.1% yesterday, its third straight daily loss, and a 27-month low of 92.52 points.

The US dollar has lost 0.4% so far this week, to head for the seventh straight weekly loss, amid doubts about the US economic recovery from the coronavirus crisis.

The US dollar is also being weighed down by Democratic and the Republican parties failure on launching a new relief plan.

Investors are anticipating the release of key data later today, as the non-farm employment change reading will be released at 12:30 GMT, with forecasts of adding 1.550 million jobs in July vs. 4,800 million jobs in June, and the unemployment rate is expected to drop to 10.5% from 11.1%, while the average hourly earnings is expected to drop by 0.5% vs. -1.2%.