The dollar index (DXY00) Friday fell by -0.51%. The dollar was under pressure Friday from falling T-note yields after U.S. Jul nonfarm payrolls rose less than expected. Losses in the dollar accelerated after Atlanta Fed President Bostic said there is no need to raise interest rates further to ease inflation.
Friday’s monthly U.S. payroll report was mixed for the dollar. On the negative side, Jul nonfarm payrolls rose +187,000, below expectations of +200,000. Conversely, the Jul unemployment rate unexpectedly fell -0.1 to 3.5%, showing a stronger labor market than expectations of 3.6%. Also, Jul average hourly earnings rose +0.4% m/m and +4.4% y/y, stronger than expectations of +0.3% m/m and +4.2% y/y.
