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USD Index: Downed By Coronavirus Numbers, Lifted By US Jobs Data
The USD Index has had a rollercoaster week. After suffering from a depressing month in June, it has started July on a shaky note but seems to have found some relief from the Non-Farm Payrolls (NFP) data. US unemployment rate fell from 13.3% to 11.1%, along with a positive employment change from 2699K in May to 4800K in June. Initial jobless claims fell marginally, but the lift in jobs numbers was enough to increase bids on the US Dollar and lift the USD Index on the day. However, significant headwinds remain, as the coronavirus infection rate continues to rise all across the US. This scenario has led Wells Fargo ... (full story)