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Wounded US Dollar Bites Back, Prodded by a Bumper Payroll Report
The Dollar jumped following the release of new data that showed the U.S. economy continues to add jobs and churn out inflation-generating wage increases, defying expectations for a slowdown. The market was expecting a non-farm payroll reading of 180K for April but instead got a 253K print, this represents an acceleration on March's 165K reading. The Dollar has been steadily sold over the recent weeks as investors grow wary of the U.S. falling into recession in the second half of the year as higher interest rates at the Federal Reserve and reduced lending amidst banking stresses begin to bite. But this bias is ... (full story)