US Dollar Slides to Seven-Week Low After Surprise Drop in Employment
The US Dollar hit a seven-week trough after data showed an unexpected 23,000 decline in employment for July, with prior months' figures also revised sharply lower.
DXY
The US Dollar touched its lowest level in seven weeks following an unexpectedly soft labor market report. Data revealed that employment in July fell by 23,000, defying expectations for a gain.
Adding to the pressure, earlier months were revised substantially lower. The figure for May was cut to 63,000 from an initially reported 129,000, while June’s number was also revised down.
The weak data intensified expectations that the Federal Reserve may need to become more accommodative, prompting a selloff in the Dollar.
Source: FXStreet Forex News