In the past fortnight, the dollar was strong above 105, supported by Fed Chair Jerome Powell's dovish comments and tensions in the Middle East. Powell acknowledged progress in reducing inflation but said more evidence is needed before lowering interest rates. An unexpected increase in U.S. job openings in May pushed the dollar to a two-month high of 106, but it fell to 104.88 after the jobs report showed a steady slowdown in the labour market.
The Bureau of Labor Statistics reported that the U.S. added 2,06,000 non-farm payroll jobs in June, higher than the estimated 1,90,000, but job growth for the prior two months was revised down by 1,11,000. The unemployment rate rose to 4.1 per cent, the highest since November 2021, and wage growth slowed to 3.9 per cent annually, the smallest increase in three years.
This story is from the July 15, 2024 edition of Dalal Street Investment Journal.
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This story is from the July 15, 2024 edition of Dalal Street Investment Journal.
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