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Dollar near 3-week high, US job gains weaken case for large Fed cut


Monday, 8 July 2019 08:29 WIB

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The dollar rose broadly on Monday after strong U.S. jobs growth in June suggested the Federal Reserve will not aggressively cut interest rates later this month.

U.S. nonfarm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000.

The solid outcome virtually wipes out chances for a half point Fed rate cut at the end of July, but moderate wage gains among other data showing the world's largest economy was losing steam could still encourage the central bank to cut rates by 25 basis points.

The dollar index climbed to as high as 97.443 on Friday, its highest level since June 19, as U.S. Treasury yields rose across the board.

The index, which measures the greenback against a basket of major currencies, was last quoted at 97.277, almost flat in early Asian trade on Monday, with the euro traded at $1.1223.

Against the yen, the dollar advanced to as high as 108.640 on Friday, its highest since June 18. The pair was last quoted at 108.51 yen.

Source : Reuters


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