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Dollar falls to 2-1/2 month low after U.S. jobs data disappoints

Published 06/07/2019, 08:43 PM
Updated 06/07/2019, 08:50 PM
© Reuters. Dollar falls to 2-1/2 month low after U.S. jobs data disappoints
DXY
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NEW YORK, June 7 (Reuters) - The U.S. dollar index .DXY
plummeted on Friday morning to its lowest since March 26 after a
report from the Labor Department showed that job growth slowed
sharply in May and wages rose less than expected.
The weak report suggests that the loss of momentum in
economic activity has spread to the labor market, which could
increase expectations that the Federal Reserve will cut interest
rates this year. Rising expectations of a cut have pulled the
dollar 1.11% lower this week.
Nonfarm payrolls increased by 75,000 jobs last month,
falling below the roughly 100,000 needed per month to keep up
with growth in the working-age population.

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