Dollar slips after U.S. job growth slows in July
The U.S. dollar weakened sharply on Friday following the release of labor market data that showed job growth in July fell short of expectations, signaling potential cooling in the U.S. economy.
According to the Labor Department, employers added 73,000 jobs last month—well below the 100,000 forecast by economists in a Reuters poll. Meanwhile, the unemployment rate ticked up to 4.2% from 4.1% in June, in line with predictions, News.Az reports, citing Reuters.
The dollar index, which tracks the greenback against a basket of major currencies including the euro and yen, dropped 0.67% to 99.35. The euro rose 0.8% to $1.1506, while the dollar slid 0.92% against the Japanese yen to 149.38.
The data may influence expectations around the Federal Reserve’s interest rate path, as investors weigh signs of slowing labor market momentum.
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