Dollar tumbles on weaker than expected jobs growth
U.S. dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration
NEW YORK/LONDON, July 2 : The dollar tumbled on Thursday after the closely watched employment report for June showed that employers added fewer jobs than economists had expected last month, while the Japanese yen gained sharply as traders braced for possible intervention from Japanese authorities.
Employers added 57,000 jobs, below economists expectations for 110,000 job gains. Unemployment slipped to 4.2 per cent, from 4.3 per cent.
Fed funds futures traders are now pricing in 49 per cent odds of a Federal Reserve rate hike by September, down from 67 per cent before the data.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.71 per cent at 100.68, with the euro up 0.68 per cent at $1.1453.
Against the Japanese yen, the dollar weakened 1.09 per cent to 160.78.
