Euro Fx/U.S. Dollar Futures Market News and Commentary
The dollar index (DXY00) on Friday rose +0.261 (+0.27%). Jun euro-fx futures (E6M0) closed down -0.056 (-0.49%), and EUR/USD (^EURUSD) fell -0.0041 (-0.36%). Jun yen futures (J6M0) closed down -0.42 (-0.45%), and USD/JPY (^USDJPY) rose +0.46 (+0.42%).
The dollar index on Friday rebounded from an overnight 2-3/4 month low and moved higher on a stronger-than-expected U.S. May payrolls report. Also, USD/JPY rallied as a surge in stock indexes on Friday undercut the safe-haven demand for the yen. Gains in the dollar accelerated Friday after the 10-year T-note yield jumped to a 2-1/4 month high of 0.956%, which improved the dollar's interest rate differentials.
Friday's U.S. labor market data was unexpectedly strong and was bullish for the dollar. U.S. May non-farm payrolls unexpectedly rose +2.509 million, much stronger than expectations for a decline of -7.5 million. Also, the May unemployment rate fell -1.4 to 13.3%, showing a stronger labor market than expectations for... Read more