The US Dollar Index fell below 102.00 as a weak September jobs report showed only 29,000 new positions and a rise in the unemployment rate to 4.2%, signaling potential labor market cooling.
The US Dollar Index (DXY) has fallen below the 102.00 level following a significant miss in September non-farm payrolls, which came in at 29K compared to the 90K forecast. This weakness is compounded by a combined 60K downward revision to July and August figures, an uptick in the unemployment rate to 4.2%, and wage growth cooling to 3.0% year-over-year.
The report caused the DXY to drop below 102.00 due to a significant miss in job creation and downward revisions to previous months.
Employers added only 29K jobs in September, falling far short of the 90K forecast, while the unemployment rate rose to 4.2%.
The US Dollar Index retreated below the 102.00 level after September payrolls grew by only 29,000, significantly trailing the 90,000 forecast. Compounding the bearish sentiment, downward revisions to July and August data totaled 60,000 jobs, while the unemployment rate climbed to 4.2%.
The DXY fell because the September payrolls figure of 29,000 was substantially lower than the 90,000 expected, combined with significant downward revisions to previous months and a rise in the unemployment rate.