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.

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