USD to the main foreign currency exchange increased last Friday. The data shows the employment population was more than expected. In the same time, the tax reform policy from President Trump’s government is doing well. It helped the increased of USD. The exchange rate of USD to six kinds of currency increased 0.86% and reached 93.50.
The Employment Population and New Tax Policy
The data of non-agricultural employment population is strong. It decreased the worry about the slow economic growth and supported the increased of USD. It was the hugest increase in a day this year so far. US government made public that the new employment population in July were 209 thousands. The analyst believed it was 183 thousands. The unemployment rate in July was 4.3% as expected. The average wage per hour increased 0.3%. FED cares lot about the wage data in order to know if the labor market and the inflation risk keep increase. President of National Economics Committee, Mr. Cohen, mentioned US government is trying to make a policy to reduce tax. It would encourage companies bring the money back to the country. This conversation also helped the increase of USD. Mr. Cohen said “We are studying the real tax reform policy and tax reduction programs.”
The increase of USD became the pressure to British Pounds and Euros. These two currency turned back to the normal increasing range.
GBP decreased 0.76% to 1.3039 USD. British Central Bank decided to maintain the rate.
EUR decreased 0.97% to 1.1754 USD and 0.19% to 0.9017 GBP.
USD increased 0.53% to 1.2647 CAD.
USD increased 0.70% to 110.80 JPY
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