In the Asian session on Tuesday (June 6), the latest price of the U.S. dollar index was 103.98, and the opening price was 104.01. The non-farm payrolls report released on Friday did little to change the debate within the Federal Reserve over whether interest rates should be kept steady this month, with continued strength in the labor market likely to lead to a higher-than-expected rate hike.
The U.S. added 339,000 jobs in May, and revised data showed another 93,000 jobs were added in March and April, pointing to strong labor demand. But the U.S. unemployment rate rose to 3.7% in May, according to a survey. At the same time, the report showed that the tight labor market has not led to an acceleration in wage growth so far. Taken together, the data underscored the challenge facing Fed Chairman Jerome Powell in getting the Fed’s rate-setting committee to rally around the idea of “skipping” a rate hike this month, which officials already favored for a June rate hike may be stymied. More convinced of the necessity of raising interest rates.
