Dollar Weakens Against Major Counterparts After Jobs Data Fuels Rate Cut Bets
2024-06-28
1034
(fxcue news) - The U.S. dollar dropped to a three-week low on Friday, and shed some ground against a few of its major counterparts, as the jobs data raised hopes the Federal Reserve will likely begin reducing interest rates in September.
Data from the Labor Department said non-farm payroll employment shot up by 206,000 jobs in June compared to economist estimates for an increase of about 190,000 jobs. The report also showed the increases in employment in April and May were downwardly revised to 108,000 jobs and 218,000 jobs, respectively, reflecting a net downward revision of 111,000 jobs.
The unemployment rate also rose for the third straight month, inching up to 4.1% in June from 4% in May. Economists had expected the unemployment rate to remain unchanged. With the unexpected uptick, the unemployment rate reached its highest level since hitting a matching rate in November 2021.
The dollar index dropped to a low of 104.83 after the release of the jobs data, and despite recovering to 105.00 soon, retreated subsequently and was last seen at 104.84, down nearly 0.3% from the previous close.
Against the Euro, the dollar weakened to 1.0841 from 1.0813. The dollar eased to 1.2814 against Pound Sterling, from 1.2760 a unit of the British currency.
Against the Japanese currency, the dollar weakened to 160.79 yen. The Aussie firmed to US$ 0.6750. Against Swiss franc, the dollar weakened to CHF 0.8956 from CHF 0.9001. The Loonie weakened to 1.3637 a unit of the American currency.
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