Dollar Index Retreats To Two And Half Week Low As US Job Growth Slows In June

Published on Jul 10, 2023 10:58

The dollar index plunged sharply below 102 mark on Friday following non-farm payrolls data that came in below expectations for the month of June. Data showed U.S. labor market added the fewest jobs in 2-1/2 years in June. The Labor Department also said that 110,000 fewer jobs were created in April and May combined than earlier reported, adding to doubts over strength of US labor market and investors being skeptical of Federal rate hike trajectory. US benchmark treasury yields however, continue to hold above 4% that is supporting recovery in the dollar index that is staying just above 102 mark in early Asia today. US inflation data due for release this week will be closely watched for further cues on Federal stance on interest rates.