The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, held its position after recording a decline of around 1.5% in the previous session. The DXY traded around 98.70 during the Asian session on Monday (August 4).
The US dollar weakened after a worse-than-expected US employment report released on Friday, which triggered a market reaction to two interest rate cuts by the Federal Reserve (Fed). Traders now expect a 63 basis point (bps) cut by the end of the year, up from around 34 bps on Thursday, with the first cut expected in September.
US Nonfarm Payrolls (NFP) data in the United States rose by 73,000 in July, compared to an increase of 14,000 (revised from 147,000) seen in June. This figure was lower than market expectations of 110,000. Furthermore, the Unemployment Rate edged up to 4.2% in July from 4.1% in June, in line with expectations.
Fresh concerns arose after the Trump administration dismissed Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer following a weaker-than-expected jobs report. This action could be part of a broader strategy to undermine the credibility of official inflation data, with potential implications for markets and the Fed policy debate.
US President Donald Trump defended his decision on Sunday in a post on his Truth Social platform, stating that the dismissed BLS Commissioner was responsible for "the biggest miscalculation in over 50 years," citing Friday's disappointing jobs report as the latest example. (alg)
Source: FXstreet
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