The dollar had another bad day at the office yesterday

The dollar had another bad day at the office yesterday, as it continued to come under heavy pressure from a
basket of currencies, notably the euro. Comments by the ECB President sent the greenback spiralling as it
became clearer that the ECB are happy to hold on interest rate cuts, while the Federal reserve, which has
been slashing interest rates in recent months to boost a sagging economy, keeps signalling the likelihood of
further interest rate cuts this month. We mentioned this yesterday, but it seems there a lot more talk about
“emergency” Fed rate cuts doing the rounds yesterday afternoon and this morning. There is some speculation
it may happen this afternoon if we have very weak data from the US, with key Nonfarm Payrolls & Unemployment
Rate figures due at 1.30pm
Data at 1.30pm: Nonfarm Payrolls expected at 30k from –17k & Unemployment expected at 5.0% from
54.9% previous