Currencies
Dollar Eyes Worst Day This Year as Jobs Data Boosts Expectations for Fed Cuts
- Greenback dives as jobs data boosts expectations for Fed cuts
- Yen posts biggest weekly gain versus dollar since 2022
The greenback has been buoyed for much of the year as the Fed kept its benchmark rate at the highest in more than two decades.
Photographer: Camilo Freedman/BloombergThis article is for subscribers only.
The dollar slumped the most since May as a surprisingly weak US labor report heightened concern about the economic outlook, leading traders to bet on more aggressive Federal Reserve interest-rate cuts this year.
The Bloomberg Dollar Spot Index tumbled 0.7% on Friday as the prospect of Fed easing and diving Treasury yields dimmed the greenbackâs appeal. The dollarâs largest decline versus major currencies came against the yen, which had its strongest week since 2022 after the Bank of Japan lifted rates.