Dollar Tumbles After US Job Creation Collapses
The dollar is plunging after the US labour market hit a wall last month, reinforcing market expectations for at least two rate cuts from the Federal Reserve in the back half of the year. According to data just released by the Bureau of Labor Statistics, just 73,000 jobs were added in July – representing an undershoot relative to the 105,000-consensus forecast – and the unemployment rate ticked up to 4.2 percent. The previous two months were revised lower by a combined 260,000 roles, and private sector job creation flipped into negative territory. Total payroll gains have averaged 35,000 over the...