US Nonfarm Payrolls fell by 23K in July
The US Dollar weakened after the release of a weaker-than-expected US employment report. The US Bureau of Labor Statistics reported that Nonfarm Payrolls fell by 23K in July, compared with market expectations for an increase of 80K.
The US labor market is gradually cooling, with the Unemployment Rate edging down to 4.1% from 4.2%, while annual Average Hourly Earnings growth slowed to 3.2%.
The USD/CAD pair declined sharply, trading around 1.3940, down 0.53% on the day, hitting its lowest level since June.