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02.10.202612:39:40UTC+00DXY Snaps 4-Day Gain After Jobs Report

The dollar index slipped below 102 on Friday, snapping a four-session winning streak, after weaker-than-expected US employment data tempered expectations for further Federal Reserve tightening. Nonfarm payrolls rose by just 29,000 in September, well short of forecasts, and the report also included downward revisions to job growth in the prior two months. At the same time, the unemployment rate inched up to 4.2%, underscoring a more cautious hiring climate as businesses grapple with elevated costs. The disappointing data led money markets to scale back bets on an interest-rate hike at the Fed’s October meeting. Declining oil prices added to the pressure on the dollar, with Brent crude falling below $100 a barrel and easing some concerns about energy-driven inflation. Even so, the dollar remained on track for a 0.9% gain for the week, positioning it for a third straight weekly advance.

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