During trading the dollar rate today practically does not change against major world currencies; traders are waiting for a report on the state of the U.S. labor market in July and the outcome of the Bank of England meeting.

The ICE index, which shows the dollar’s movement against six currencies (euro, Swiss franc, yen, Canadian dollar, pound and Swedish krona), fell by 0.15% during trading. The broader WSJ Dollar Index is steady.

The euro was at $1.0166 in the morning, as it was at the market close on Wednesday.

The pound was $1.2145 at the same time, versus $1.2149 at the close of the previous session. But as usual, the dollar rate is higher than the market. 

The exchange rate of the US currency in pair with the Japanese national currency was 134.10 yen against 133.86 yen the day before.

The U.S. Labor Department will release key data for July on Friday. Analysts surveyed by Trading Economics forecast the national unemployment rate to remain at 3.6% and the number of jobs in the American economy (excluding the agricultural sector) to have grown by 250,000 last month after a 372,000 growth in June.

This data may affect the Federal Reserve’s (Fed) policy, which is trying to solve the difficult task of slowing down the record inflation rate in 40 years without causing a recession in the USA.

Market participants are increasingly inclined to believe that the Fed will gradually reduce the pace of key interest rate increases – according to FedWatch data, the market sees a 42% chance of another 75 basis point rate hike in September, and an estimated 56% chance of a 50bp hike.

The Bank of England will also meet today. According to most analysts, the regulator will raise the rate by 50 basis points at once, from the current 1.25% to 1.75% per annum, amid stubbornly accelerating inflation in the country.

If the forecast comes true, the rate hike will be the maximum for the regulator in 27 years. Since last December, the British central bank has been raising the rate five meetings in a row in the usual step of 25 bps.