{"id":32771,"date":"2023-07-07T16:20:01","date_gmt":"2023-07-07T20:20:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dollar-falls-to-two-week-low-as-u-s-job-market-cools-off-in-june\/"},"modified":"2023-07-07T16:20:02","modified_gmt":"2023-07-07T20:20:02","slug":"dollar-falls-to-two-week-low-as-u-s-job-market-cools-off-in-june","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32771","title":{"rendered":"Dollar falls to two-week low as U.S. job market cools off in June"},"content":{"rendered":"
\n

The U.S. dollar fell Friday after data suggested that U.S. labor market, though still tight, may be cooling off as rising interest rates gradually weaken the economy.<\/p>\n

The ICE U.S. Dollar Index
\n DXY,
\n -0.86%<\/bg-quote>
\n on Friday fell almost 0.9% to as low as 102.2, the lowest level since June 22, according to Dow Jones market data.\u00a0<\/p>\n

\n

The U.S. created 209,000 new jobs in June to mark the smallest gain in more than two and a half years, the government said. Economists had forecast an increase of 240,000 new jobs, according to a Wall Street Journal survey.<\/p>\n

Employment gains in May and April were also marked down by a combined 110,000.<\/p>\n

Still, hourly pay rose a sharp 0.4% in June, which is higher than expected and left the increase over the past year at 4.4%. Wages were rising less than 3% a year before the pandemic.<\/p>\n

\u201cToday\u2019s US labour report was rather mixed, although markets appeared to focus on the negatives,\u201d according to Matthew Ryan, head of market strategy at financial services firm Ebury.\u00a0<\/p>\n

\u201cWe\u2019re not seeing evidence of a dreaded wage-price spiral just yet, though stubbornly high earnings growth may be a nagging concern for Fed members, and a clear rationale to delay the timing of policy rate cuts into at least 2024,\u201d Ryan wrote in emailed comments.\u00a0<\/p>\n

Fed-funds futures traders continued to price in a more-than-90% probability the Federal Reserve will raise its key interest rate by 25 basis points to a range of 5.25% to 5.5% later this month, while expectations for another quarter percentage point move in either September or November faded somewhat after the payroll data. <\/p>\n

Kit Juckes, strategist at Societe Generale, said that \u201cthe US data point to an economy that is slowly slowing from a very fast growth rate.\u201d<\/p>\n

\u201cA very tight labour market isn\u2019t really getting any less tight (the unemployment rate at 3.6% is 2.8% below the 50-year average and just 0.2% above the 50-year low). So perhaps it isn\u2019t surprising that wage growth has stopped falling and is holding up at 4.4%,\u201d noted Juckes in emailed comments.<\/p>\n

\u201cThe dollar was softer ahead of the data than recent rate\/yield moves might have suggested; that\u2019s to say that the very close correlation between USD\/JPY and 5 year yield differentials has broken down a bit, and the jobs data narrow that gap slightly,\u201d said Juckes.\u00a0\u00a0<\/p>\n

U.S. stocks traded higher on Friday, with the Dow Jones Industrial Average
\n DJIA,
\n -0.55%<\/bg-quote>
\n up 0.3% and the S&P 500
\n SPX,
\n -0.29%<\/bg-quote>
\n up 0.6%, according to FactSet data. The Nasdaq Composite
\n COMP,
\n -0.13%<\/bg-quote>
\n gained 0.9%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. dollar fell Friday after data suggested that U.S. labor market, though still tight, may be cooling off as rising interest rates gradually weaken the economy. The ICE U.S. Dollar Index DXY, -0.86% on Friday fell almost 0.9% to as low as 102.2, the lowest level since June 22, according to Dow Jones market […]<\/p>\n","protected":false},"author":1,"featured_media":27289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-32771","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nDollar falls to two-week low as U.S. job market cools off in June | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The U.S. dollar fell Friday after data suggested that U.S. labor market, though still tight, may be cooling off as rising interest rates gradually weaken\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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