The dollar index (DXY00) Friday rose by +0.44%. The dollar moved higher Friday on the heels of a better-than-expected US May payroll report, easing concerns that the US labor market was cooling. Also, hawkish comments on Friday from Cleveland Fed President Hammack boosted the dollar when she said she'd rather wait before adjusting interest rates. In addition, the dollar garnered support Friday on signs of easing trade tensions between the US and China after US trade adviser Navarro said a meeting with China is expected in seven days. The dollar fell from its best levels Friday after Philadelphia Fed President Harker said he could see a Fed cut later this year if inflation continues to decline.
US May nonfarm payrolls rose +139,000, stronger than expectations of +126,000, although Apr nonfarm payrolls were revised lower to +147,000 from the previously reported +177,000. The May unemployment rate remained unchanged at 4.2%, right on expectations.
