Dollar rises against major peers
NEW YORK: The dollar rose against major currencies on Friday after data showed better-than-expected US jobs growth in May despite a slowdown from the previous month, suggesting the Federal Reserve might wait longer to cut interest rates.
Labor Department data showed that employers added 139,000 jobs in May, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists.
The dollar was up 0.84% to 144.72 against the Japanese yen and added 0.33% to 0.823 against the Swiss franc . The greenback had extended gains against both safe-haven currencies following the data.
The US currency was headed for a second straight weekly gain against both the yen and franc, but it was still down about 8% year-to-date and about 9% year-to-date, respectively, against both currencies.
The dollar has been weighed down by uncertainty from President Donald Trump's tariff policies and the prospects of negotiations with trading partners, the deficit spending and tax bill being considered in the Senate after it passed the House, and the trajectory of recent economic data, said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey.
But the market is starting to reverse some of its short positioning against the dollar in the wake of stronger-than-expected economic data, including the jobs data, Epstein said.
'Every bank is forecasting a weaker dollar, which I think is probably the right call long-term. But now you have this stretched positioning and suddenly reversing everything since you have stronger jobs numbers and stronger hourly earnings. The numbers are stronger overall and now good news is bad news because the 10-year yields went up so the cuts are not going to come,' Epstein said.
The euro added to losses against the dollar immediately after the jobs data and was down 0.28% at $1.1413.
The single currency, which is headed for a weekly gain against the greenback, had hit a six-week high of $1.14950 on Thursday following comments by European Central Bank President Christine Lagarde that the central bank was nearing the end of the monetary policy easing cycle.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.38% to 99.05 on the session, but it is on track to notch a weekly loss.
Trump and Chinese leader Xi Jinping held a rare leader-to-leader call on Thursday, as tensions over tit-for-tat tariffs appearing to be easing. The dollar strengthened 0.22% to 7.190 versus the offshore Chinese yuan.
Bitcoin gained 4.10% to $104,632.06. Ethereum rose 4.67% to $2,510.82.
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The U.S. Supreme Court building is seen the morning before justices are expected to issue opinions in pending cases, in Washington, U.S., June 14, 2024. Photo:REUTERS Listen to article The US Supreme Court granted on Friday the Department of Government Efficiency (DOGE), a key player in President Donald Trump's drive to slash the federal workforce, broad access to personal information on millions of Americans in Social Security Administration data systems while a legal challenge plays out. On the request of the Justice Department, the judiciary had put on hold Maryland-based US District Judge Ellen Hollander's order that had largely blocked DOGE's access to "personally identifiable information" in data such as medical and financial records while litigation proceeds in a lower court. Hollander found that allowing DOGE unfettered access likely would violate a federal privacy law. The top court's brief, unsigned order did not provide a rationale for siding with DOGE. BREAKING: The Supreme Court grants DOGE affiliates access to Social Security Administration records. Justices Kagan, Sotomayor, and Jackson would deny the request. — SCOTUSblog (@SCOTUSblog) June 6, 2025 The court has a 6-3 conservative majority. Its three liberal justices dissented from the order. Liberal Justice Ketanji Brown Jackson, in a dissent that was joined by fellow liberal Justice Sonia Sotomayor, criticized the court's majority for granting DOGE "unfettered data access" despite the administration's "failure to show any need or any interest in complying with existing privacy safeguards." In a separate order on Friday, the Supreme Court extended its block on judicial orders requiring DOGE to turn over records to a government watchdog group that sought details on the entity established by US President Donald Trump and billionaire Elon Musk. DOGE swept through federal agencies as part of the Republican president's effort, spearheaded by Musk, to eliminate federal jobs, downsize and reshape the US government and root out what they see as wasteful spending. Musk formally ended his government work on May 30. Two labor unions and an advocacy group filed suits to prevent DOGE from accessing sensitive data at the Social Security Administration (SSA), including social security numbers, bank account data, tax information, earnings history and immigration records. The agency is a major provider of government benefits, sending checks each month to more than 70 million recipients including retirees and disabled Americans. Democracy Forward, a liberal legal group that represented the plaintiffs, said Friday's order would put millions of Americans' data at risk. "Elon Musk may have left Washington DC, but his impact continues to harm millions of people," the group said in a statement. "We will continue to use every legal tool at our disposal to keep unelected bureaucrats from misusing the public's most sensitive data as this case moves forward." In their lawsuit, the plaintiffs argued that SSA had been "ransacked" and that DOGE members had been installed without proper vetting or training. They demanded access to some of the agency's most sensitive data systems. Hollander in an April 17 ruling found that DOGE had failed to explain why its stated mission required "unprecedented, unfettered access to virtually SSA's entire data systems". "For some 90 years, SSA has been guided by the foundational principle of an expectation of privacy with respect to its records," Hollander wrote. "This case exposes a wide fissure in the foundation." Hollander issued a preliminary injunction that prohibited DOGE staffers and anyone working with them from accessing data containing personal information, with only narrow exceptions. The judge's ruling did allow DOGE affiliates to access data that had been stripped of private information as long as those seeking access had gone through the proper training and passed background checks. Hollander also ordered DOGE affiliates to "disgorge and delete" any personal information already in their possession. The Richmond, Virginia-based 4th US Circuit Court of Appeals in a 9-6 vote declined on April 30 to pause Hollander's block on DOGE's unlimited access to Social Security Administration records. Justice department lawyers in their Supreme Court filing characterized Hollander's order as judicial overreach. "The district court is forcing the executive branch to stop employees charged with modernizing government information systems from accessing the data in those systems because, in the court's judgment, those employees do not 'need' such access," they wrote. The six dissenting judges wrote that the case should have been treated the same as one in which 4th Circuit panel ruled 2-1 to allow DOGE to access data at the US Treasury and Education Departments and the Office of Personnel Management. In a concurring opinion, seven judges who ruled against DOGE wrote that the case involving Social Security data was "substantially stronger" with "vastly greater stakes," citing "detailed and profoundly sensitive Social Security records," such as family court and school records of children, mental health treatment records and credit card information.
