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Weak dollar steadies before US jobs data

The dollar steadied on Friday before monthly jobs figures as weak manufacturing and services data this week raised concerns the US economy was losing momentum and could potentially under cut the greenback’s rally.
The dollar index fell to 98.816, shedding about 0.9 percent after hitting a 2-1/2-year high this week. It is down 0.3 percent on the week.
“Should today’s NFP report confirm that the US economy is losing its domestic demand strength, dollar weakness experienced from Monday’s high could broaden out, finding its best expression in short dollar/yen and long euro/dollar,” Morgan Stanley strategists said in a note.
The euro, which had been dogged by concerns Germany could slip into a recession, rose 0.1 percent to $1.0970, extending its recovery from a near 2-1/2-year low of $1.0879 set on Tuesday.
A survey from the US Institute for Supply Management (ISM) showed its non-manufacturing activity index falling to 52.6 in September, the lowest since August 2016, and far below expectations of 55.1, from 56.4 in August.
Coming on the heels of a similar survey on Tuesday on manufacturing showing activity plunging to more than 10-year lows, the weak data increased fears of a US recession.
The US service sector, backed by firm US domestic consumption, has been one of few bright spots in the global economy as the manufacturing sector worldwide has been knocked by the protracted US-China trade war.
That does not bode well for the upcoming all-important US jobs data on Friday, said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank, noting the employment component in the ISM has had a meaningful correlation with the payrolls data.
The median economists’ forecast polled by Reuters is for a rise of 145,000 in September, a tad below the average over the last 12 months around 173,000.
“A weak figure could cause the Fed to change its characterization of the labor market as ‘strong,’ which would give them more reason to ease,” said Marshall Gittler, chief strategist at ACLS Global.
Elsewhere, the Australian dollar and the New Zealand dollar held near the day’s highs thanks to broad dollar strength.
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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