Dollar whacked as economic slowdown spreads to U.S. jobs data

NEW YORK (Reuters) – The U.S. dollar index fell on Friday to its lowest since March 26 after the U.S. Department of Labor’s employment report showed that job growth slowed sharply in May and wages rose less than expected.

The weak data suggest that the loss of momentum in economic activity has spread to the labour market, which will further support forecasts that the Federal Reserve will cut interest rates this year. Rising expectations of a cut have pulled the dollar 1.2% lower this week.

Source: https://www.reuters.com/article/uk-global-forex-idUSKCN1T802C?utm_campaign=trueAnthem%3A+Trending+Content&utm_content=5cf9ffd1fe86c30001b40f78&utm_medium=trueAnthem&utm_source=twitter&fbclid=IwAR3lkkZ2Yi9K_zXX7D3ya4cLJdgXaiHCyPC-RvyOt7sVnAZCS7iysWViYy0