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The US Dollar rebounds on impressive US jobs report for May. The American currency managed to stage a modest rebound following Thursday’s selloff.
The US Dollar Index stays below 104.00 and looks to snap a three-week winning streak. It registers 103.982 at the time of writing. Impressive May jobs data from US helped US Dollar limit its weekly losses.
The dollar has managed to gather some strength against its major rivals in the early American session on Friday. The US Dollar Index, which tracks the USD’s valuation against a basket of six major currencies, clings to daily gains above 103.50 but remains on track to end the week in negative territory.
The monthly data published by the US Bureau of Labour Statistics showed on Friday that Nonfarm Payrolls rose 339,000 in May. This reading surpassed the market expectation of 190,000 by a wide margin. April’s reading of 253,000 also got revised higher to 294,000. With the immediate reaction, the USD found its footing but struggled to gather bullish momentum.
