Steen Jakobsen
The Bank of Japan has abandoned quantitative easing and the European Central Bank may taper its bond-buying programme, so what is the role of central banks in 2017, asks Saxo Bank’s chief economist Steen Jakobsen.
Editor’s Picks 10 August 2016 at 1:24 GMT

Dollar sags after downbeat US productivity data

The dollar sagged against its peers early on Wednesday after downbeat data sapped some of the momentum it had gained from last week's robust US jobs report. The greenback, however, was on the front foot against the pound, which hovered near a 1-month low struck overnight, after a Bank of England policymaker suggested more monetary easing was needed although the BoE cut rates last week. The USD was steady at 101.935 yen having gone as high as 102.660 on Monday in the wake of last week's stronger-than-expected US jobs report. The euro was little changed at $1.1115 after gaining 0.3% overnight. The dollar index was down 0.2% at a five-day low of 95.981 "The weaker-than-expected US productivity data weighed on the dollar broadly. The market usually does not give the data much heed, but it drew attention as it marked the third straight quarter of decline," said Shin Kadota at Barclays in Tokyo. US productivity dropped at a 0.5% annual rate in the April-June period.
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