FX.co ★ Dollar Firms on Strong Jobs Report

The US dollar index maintained its position above 97 on Friday following a two-day upward trend. This rise was spurred by a stronger-than-expected jobs report for June, which alleviated concerns about an economic slowdown and lowered the immediate pressure on the Federal Reserve to reduce interest rates. In June, the US economy saw the addition of 147,000 jobs, surpassing May's total of 144,000 and significantly exceeding market expectations of 110,000. Concurrently, the unemployment rate unexpectedly dropped to 4.1%, contradicting predictions of an increase to 4.3%. On the trade front, President Donald Trump is anticipated to reveal either new tariff rates or an extension of the July 9 deadline for the affected countries, offering further market support. In legislative matters, the House of Representatives approved Trump's comprehensive tax cuts and spending package, which now proceeds to the White House for his endorsement. This legislation is expected to expand the federal budget deficit by over $3 trillion.