 Dollar weakened broadly after the release of the US Non-Farm Payroll report, though the initial selloff was far from decisive. June's employment data showcased a robust labor market with near-average job and solid earnings growth , coupled with just a slight uptick in unemployment rate. However, significant downward revisions to April and May's job growth numbers (-111k) suggest the labor market may not be as robust as initially reported. These mixed signals add some weight to the argument for a Fed rate cut in September, but they are not conclusive enough to cement such expectations. At the same time, Canadian Dollar faced pressure after weak employment data for June revealed contraction in jobs and a spike in the unemployment rate. Meanwhile, Sterling continues to ride high, maintaining broad firmness as political uncertainties clear up following the UK general elections, with Labour's landslide victory injected a sense of stability. Yen is attempting a recovery but lacks consistent buying momentum. Euro is mixed as traders look forward to French election runoff on Sunday... |
