US Dollar Weakens as Non-Farm Payroll Decline Reduces Rate Hike Expectations

The US dollar's strength was significantly weakened by the unexpected decline in non-farm payrolls, which reduced rate hike expectations from the Federal Reserve.

The jobs data for July released on Friday showed a decline of 23 thousand in non-farm payrolls, versus a downwardly revised addition of 20 thousand in June. The unemployment rate unexpectedly declined to 4.1 percent.

Brent crude oil futures for October settlement closed trading at $83.55 on Friday, down from $90.12 a week earlier.

The likelihood of a pause by the Fed in September increased to 55.6 percent on Friday from 32.8 percent on Monday.