DXY slips to 99.67 as May-June payrolls revised down 103,000

The dollar weakened and gold rallied after revised U.S. labor data pointed to a softer jobs market. Gate data showed the DXY (dollar index against major peers) fell nearly 30 points in short-term trading to 99.67 after the nonfarm payrolls release, while New York gold futures rose 2.36% on the day to above $4,400 per ounce. The U.S. Bureau of Labor Statistics revised May nonfarm payrolls (U.S. jobs growth excluding farm work) down to 63,000 from 129,000 and June to 20,000 from 57,000, cutting the combined two-month gain by 103,000. The revisions indicate weaker labor-market momentum, a backdrop that can pressure the dollar and support gold.

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