June Nonfarm Payrolls rose 57K, well below consensus, while May’s figure was revised down to 129K, weighing on the USD.
The US Dollar Index fell to 100.90 after June Nonfarm Payrolls increased by just 57,000, missing expectations and marking the slowest hiring pace in over two years. May’s gain was revised downward to 129,000 from 172,000, reinforcing signs of a cooling labor market.
The Unemployment Rate dipped to 4.2%, though the decline was partly driven by a drop in labor force participation to 61.5%. Wage growth held steady, with Average Hourly Earnings up 0.3% month-over-month and 3.5% year-over-year, indicating persistent but moderating wage pressure.
EUR/USD climbed 0.5% to 1.1430, while GBP/USD rose near 1.3350 as the softer USD tone supported risk-sensitive currencies. The Eurozone’s stable unemployment rate at 6.2% provided additional support for the EUR.