Dollar falls as U.S. job market cools off in June

The U.S. dollar fell Friday after data suggested that U.S. labor market, though still tight, may be cooling off as rising interest rates gradually weaken the economy.

The ICE U.S. Dollar Index DXY on Friday fell to as low as 102.4, the lowest level since June 27, according to Dow Jones market data. “We’re not seeing evidence of a dreaded wage-price spiral just yet, though stubbornly high earnings growth may be a nagging concern for Fed members, and a clear rationale to delay the timing of policy rate cuts into at least 2024,” Ryan wrote in emailed comments.

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