U.S. Dollar Posts Largest Weekly Decline Since April Amid Softer Jobs Data, Down 0.5% This Week

According to Jin10, the U.S. dollar weakened significantly this week, posting its largest weekly decline since April with the dollar index down approximately 0.5%. The decline was driven by softer June U.S. employment data, which triggered markets to lower expectations for near-term interest rate hikes.

Other major currencies advanced against the weakened dollar. The euro rose to 1.1440, gaining 0.5% on the week, while sterling climbed to 1.3352, up 1.1% for its best weekly performance in three months. The yen rebounded from near 40-year lows, with the dollar-yen pair retreating to around 161, though it remains elevated. Japanese officials have signaled continued readiness for foreign exchange intervention.