The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging higher after registering more than 0.5% losses in the previous session and trading around 97.90 during the Asian hours on Monday.
Overnight data continued to show that US labour market is softening. Dollar Index (DXY) last at 97.98 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Yesterday's US labour market figures showed that the labour market is cooling down slowly: job vacancies fell more sharply than expected in July, while layoffs increased more than anticipated, Commerzbank's FX analyst Michael Pfister notes.