The dollar index remained at 98.497. Speculation of a September rate cut increased due to concerns over the labour market and expected core inflation rises. The greenback rose slightly against the yen while the euro remained unchanged. 

Dollar holds gains on Fed cut bets; RBA decision keeps Aussie in check

Employment grew by just 2,000 jobs, far below the anticipated 20,000. This prompted speculation of an interest rate cut by the Reserve Bank of Australia (RBA). Bond yields fell, while the Australian dollar weakened. 

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The Reserve Bank of Australia has cut official interest rates to a new record low of 0.5% due to the “significant effect” of the coronavirus outbreak on the Australian economy and has signalled it is prepared to cut further if needed.

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