Forex
Dollar Plunges as US Job Market Disappoints
The US dollar took a sharp plunge on Friday, with the USD/JPY exchange rate dropping from 158.48 to 156.65 within a single 15-minute candle.
This decline was mirrored in the US Dollar Index (DXY), which fell from 99.90 to 99.40 in the same time frame.
The sell-off of the dollar was sparked by the release of the latest US employment report, which showed a loss of 23,000 jobs, contrary to expectations of a gain of 85,000.
This negative data eliminated any hope of a Federal Reserve rate hike and led traders to sell the greenback, reducing its value as an investment opportunity.