U.S. Dollar Falls As Weak Jobs Data Lifts Rate Cut Hopes
(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Friday, as weaker-than-expected jobs data for July strengthened expectations of a Fed rate cut in September.
Nonfarm payrolls rose by 73,000 jobs in July, following an increase of 14,000 jobs in June. Economists had expected employment to rise by 110,000 jobs.
The unemployment rate edged up to 4.2 percent from 4.1 percent. The reading came in line with forecasts.
The ISM manufacturing PMI dropped to 48.0 in July from 49.0 in June. The reading came in below expectations of 49.5.
The greenback dropped to a 1-week low of 147.48 against the yen, 2-day low of 1.3310 against the pound and a 3-day low of 0.8025 against the franc, from an early more than 4-month high of 150.91, nearly 3-month high of 1.3141 and more than a 5-week high of 0.8171, respectively. The next possible support for the currency is seen around 146.00 against the yen, 1.34 against the pound and 0.79 against the franc.
The greenback declined to a 3-day low of 1.1588 against the euro and 2-day lows of 0.6493 against the aussie and 1.3763 against the loonie, from an early nearly 2-month high of 1.1391, more than 5-week high of 0.6419 and more than a 2-month high of 1.3879, respectively. The greenback may find support around 1.17 against the euro, 0.66 against the aussie and 1.35 against the loonie.
The greenback edged down to 0.5929 against the kiwi, from an early nearly 3-month high of 0.5856. If the currency falls further, it is likely to find support around the 0.61 level.
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