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Data affecting the US dollar was relatively upbeat today. However the main tradable event was the devaluation of the yuan which continues to send ripples throughout the market.

The US dollar dipped into negative territory today after Fed vice chair Stanley Fischer said that inflation is low, but this would be a temporary situation.

EUR/USD had another choppy session but on the short time frames the market was veering towards the bullish side. EUR/USD remained above the 1.09 level for most of the session – support is forming around 1.0876 and resistance at 1.0937.

Sterling took a knock today after the Bank of England issued its latest policy statement. Cable dropped to support at 1.5465 before consolidating and then retracing some of the fall.

Dollar strength was curbed today after a disappointing jobs report showed that US private sector employers added few jobs than expected in July. The data led traders to heed caution ahead of Friday’s broader nonfarm payrolls report.

The dollar was trading higher against the euro and the yen, and against the British pound - though this came after some high levels of intraday volatility.

The tumbling price of crude oil continues to be felt on commodity currencies. The biggest faller of week has been the Canadian dollar which has seen more than a two percent slide against the US dollar.

Mixed reports on the health of US economy were keeping dollar sentiment in check today. The benchmark dollar index lifted just 0.29% to reach 97.61 after making modest gains versus the euro, sterling and the Canadian.

The UK economy received a boost after the latest survey on the health of the manufacturing industry came in above forecasts.

A slew of market moving data is due this week with nonfarm payrolls on Friday. Nonfarm payrolls are expected to have registered a small increase in July to 224,000.