The U.S. Dollar retreated in dramatic fashion from a three-month high on Friday, driven lower by some of the sketchy details of the government’s month job report although the headline number exceeded expectations. Despite Friday’s price slide, the greenback was still finished the week with a 0.62% gain against a basket of major currencies.
On Friday, September U.S. Dollar Index futures settled at 92.413, down 0.181 or -0.20%.
The government report showed that U.S. non-farm payrolls did beat expectations, increasing by 850,000 jobs last month after rising 583,000 in May. But the unemployment rate rose to 5.9% from 5.8% in May, while the closely-watched average hourly earnings, a gauge of wage inflation, rose 0.3% last month, lower than the consensus forecast for a 0.4% increase.
U.S. Treasury yields dipped on Friday after the report. This made the U.S. Dollar a less-attractive investment.
Daily Swing Chart Technical Analysis
The main trend is up…