The US dollar falls as concerns about growth increase

The dollar is hovering near 4-month lows near the 104.00 levels, as investors are cautious ahead of the key US non-farm payrolls report later. The currency has come under pressure recently as concerns about slowing US economic growth have prompted the markets to price in further interest rate cuts by the Fed, meaning that the jobs data that will be released today at 3:30 pm Egypt time will acquire special significance.

If the jobs figures are lower than expected, the dollar may weaken more and more.

The dollar also experienced a sharp decline against the strong euro as investors expected a significant increase in public spending in Germany and other European countries to support defense.

Despite the ECB cutting interest rates yesterday by 25 basis points, the bank raised the inflation forecast for the eurozone in the near term.