Dollar Suffers Second Straight Weekly Loss as Precious Metals Stage Strong Rebound

The US dollar index declined for the second week in a row, falling 0.35% to 99.6 after nonfarm payrolls unexpectedly dropped by 23,000 in July.

This disappointing employment data reduced the probability of a September rate hike from 55% to 44% and sent the 10-year US Treasury yield down from 4.68% to 4.65%

In contrast, precious metals experienced a strong weekly rebound, with COMEX gold rising 2.37% overnight and reclaiming $4,400/oz.