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7/5, 4:17 PM (Source: TeleTrader)
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Dollar jumps with lowered US rate cut expectations

Market sentiment indicated a rebound on Friday in confidence in the strength of the United States economy or at least that the Federal Reserve's dovish shift has been overdone. The Department of Labor published a surprisingly robust jobs report and dampened the bets on interest rate cuts, which underpinned the dollar against major counterparts. The new data also contrast signs of a looming recession in the Eurozone and the United Kingdom and China's slowdown.

The euro hit a 16-day low of $1.12111 at 10:17 am ET, a decline of 0.64% in the session. The pound fell 0.72% to $1.2487, the weakest point since January 3. The greenback was 0.72% up at ¥108.596, a level last seen on June 19. The exchange rate versus the Swiss franc rose 0.77% to 0.9924 after touching 0.9278 for the first time in half a month. The dollar rallied 0.32% to 6.8966 offshore Chinese yuan.

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