US Dollar Slides to Seven-Week Low After Nearly One Million Jobs Revised Down

The U.S. dollar declined sharply amid growing expectations of multiple Federal Reserve rate cuts this year, driven by significant downward revisions to U.S. employment data that revealed nearly a million fewer jobs created from April 2024 to March 2025. This weaker labor market outlook, compounded by tariffs, immigration restrictions, and automation, fueled investor bets on aggressive Fed easing, pushing the dollar to a seven-week low and the DXY index to its lowest close since late July. Concurrently, U.S. stock futures rose following record closes for the Nasdaq, while gold prices surged to new all-time highs as investors sought safe havens against inflation. European markets showed resilience with steady equities supported by major merger activity, including a $50 billion mining sector deal, despite political instability in France after Prime Minister François Bayrou lost a confidence vote. Global long-term bond yields fell to four-month lows amid concerns over government debt financing, underscoring cautious fiscal outlooks. Overall, the market mood reflects heightened uncertainty over U.S. economic strength and central bank policy direction, with implications for global financial stability.