US Dollar Rallies in Response to Surprising US NFP Results

The US dollar has rallied in response to news that US non-farm payrolls (NFPs) for the month of May fell by only 345,000 in May, the slowest decline since September 2008. NFPs had been forecasted to fall by 520,000, and while the results still reflect the seventeenth straight month of job losses, they also show that labor market conditions have been slowly improving since the start of the year.