July’s US Nonfarm Payrolls fell 23K, undershooting forecasts of 80K and weighing on the Dollar Index.
The US Dollar weakened against the Swiss Franc on Friday after July Nonfarm Payrolls declined by 23K, missing economists’ expectations of an 80K gain. June’s figure was also revised downward to 20K from 57K. The Unemployment Rate edged down to 4.1% from 4.2%.
The Dollar Index (DXY) fell 0.33% to 99.60, touching an intraday low of 99.41. The data prompted a drop in Fed rate-hike expectations for September, with probabilities slipping to 42% from 54% before the release.
Traders now await next week’s US Consumer Price Index report for further direction, as a softer inflation print could reinforce expectations of policy easing.