HomeFinancial MarketsDollar Falls in the Face of U.S. Jobs Growth

Dollar Falls in the Face of U.S. Jobs Growth

The U.S. dollar declined on Friday following the latest U.S. jobs report that suggested that the U.S. labor market is diminishing in strength despite its continued resilience.

According to the latest report from the Labor Department, the U.S. economy in June added the fewest jobs on a monthly basis than it has over the past two and a half years. 110,000 fewer jobs were created than in April and May.

Despite the labor market’s decline in strength, Federal Reserve rate hikes are expected in July as inflation remains over double that of the central bank’s target.

Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, emphasized the importance of next week’s Consumer Price Index (CPI), which is expected to show that inflation has slowed to 3.1%.

The dollar index, which measures the greenback against a basket of major currencies, fell 0.776% to 102.280, with the euro up 0.72% against the dollar at $1.0964. The sterling rose 0.74% to $1.2740.

Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025

Warren Buffett is ready to step down as the CEO of multinational conglomerate Berkshire Hathaway. Buffet announced his decision while speaking at the company’s...

Microsoft Stock Soars on Better-Than-Expected Q3 Earnings

Microsoft reported better-than-expected third-quarter earnings on Wednesday, which caused the company's stock to soar by more than 8% in after-hours trading. Microsoft reported $3.46 in...

Gold Continues to Drop From Record Highs, Dollar Ends Its Slide

After reaching fresh record highs at the beginning of last week, gold has been in the midst of a continuous drop. Meanwhile, the U.S....