Dollar declines to worst daily drop since April

The US dollar declined today, marking its worst daily performance since the end of April, after U.S. employment data came in weaker than expected. This dampened expectations of a rate hike by the Federal Reserve. The data showed an increase of 57,000 jobs in June, below the forecast of 114,000, leading the dollar index to fall by 0.5% to 100.86 points. The continued strength of the labor market and easing inflationary pressures have given the Fed room to keep interest rates unchanged at its upcoming meeting.

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