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Hello everyone, today XM Forex will bring you "[XM Group]: After the release of US labor market data, the US dollar index fell sharply." Hope it will be helpful to you! The original content is as follows:
XM Forex APP News - The dollar found some support on Monday (August 4), after the U.S. released a frustrating jobs report and Trump fired a senior Labor Department official. The non-farm jobs data released last week shocked investors and led them to increase their bets on the Fed's upcoming interest rate cut, causing the dollar to bet on Friday. "The report itself may not be that weak, but the correction is very large. It is hard to imagine the Fed staying still at its September meeting." Trump fired Erika McEntarfer, director of Labor Statistics, on the same day, accusing her of falsifying employment data, which made the market worse. The U.S. dollar index (DXY) fell about 1.4% on Friday after the U.S. released disappointing labor market data. Data released last Friday showed that the number of non-farm employment changed to 73,000 in July, far lower than the expectation of 103,000. This is the lowest level of new jobs in non-agricultural sectors in 2025, about half of the previous month's data (unrevised). In addition, the data corrections in May and June are much larger than usual. The data for May was revised down by 125,000, from +144,000 to +19,000. Similarly, June data was revised down by 133,000, from +147,000 to +14,000. These results suggest that the labor market is weakening, which increases the likelihood of interest rate cuts in support of economic growth. In turn, expectations of the Fed rate cut have become a bearish driver for the dollar.
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