# US Dollar plunges on soft NFPs from July

> The US dollar index fell to lows near 103.20 after July nonfarm payrolls rose only 114K, below the 175K expected. Traders priced about a 90% chance of a half-point Fed cut in September.

- Date: 2024-08-02 · published 2024-08-02T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/9288-us-dollar-plunges-on-soft-nfps-from-july
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expectations of earlier and larger Fed cuts weaken the dollar, which typically supports dollar-denominated commodity prices and can make US exports more competitive.

## Read by commodity

- DXY: bearish ▼
- SOY: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-12-01 | [US dollar plunges in Vietnam after new Fed signal](https://feedsoft.ai/events/38538-us-dollar-plunges-in-vietnam-after-new-fed-signal.md) | -0.6% | -1.5% |
| DXY | 2022-11-10 | [Dollar plunges as U.S. inflation data spurs exodus from crowded trade](https://feedsoft.ai/events/7559-dollar-plunges-as-u-s-inflation-data-spurs-exodus-from-crowded-trade.md) | -1.6% | -2.8% |
| DXY | 2023-11-24 | [Dollar slips on bets US rates have peaked](https://feedsoft.ai/events/33363-dollar-slips-on-bets-us-rates-have-peaked.md) | -0.4% | -1.1% |
| DXY | 2025-05-30 | [FX Daily: Softer US spending weighs on the dollar \| ING THINK](https://feedsoft.ai/events/24860-fx-daily-softer-us-spending-weighs-on-the-dollar-ing-think.md) | -0.5% | -1.6% |
| DXY | 2025-02-24 | [South Korean Won Rises on Weak US Dollar](https://feedsoft.ai/events/26307-south-korean-won-rises-on-weak-us-dollar.md) | +0.9% | -0.7% |
| CORN | 2023-11-03 | [US dollar tumbles to six-week low after soft jobs data](https://feedsoft.ai/events/11456-us-dollar-tumbles-to-six-week-low-after-soft-jobs-data.md) | +1.0% | -1.0% |
| CORN | 2023-11-03 | [Stocks jump, dollar and yields drop after US jobs market softens](https://feedsoft.ai/events/11458-stocks-jump-dollar-and-yields-drop-after-us-jobs-market-softens.md) | +1.0% | -1.0% |
| CORN | 2019-11-01 | [Dollar drops on mixed data, trade optimism](https://feedsoft.ai/events/56260-dollar-drops-on-mixed-data-trade-optimism.md) | +0.4% | +0.3% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/us-dollar-dives-after-disappointing-july-jobs-report-202408021644

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.