USD Slides Broadly as June Non-Farm Payrolls Miss at 57K vs 110K Expected

The US dollar came under significant selling pressure following a sharp miss in June non-farm payrolls, which printed at just 57K versus the 110K consensus estimate, raising concerns about labor market momentum. Initial jobless claims came in slightly better than expected at 215K versus 220K, but this was insufficient to offset the headline payrolls disappointment. US factory orders declined 1.3% in May, though this beat the -1.8% forecast. Adding to the risk-off tone, reports emerged that US officials believed Israel might have been plotting to assassinate Iran's negotiators, injecting geopolitical uncertainty into markets. On the monetary policy front, Bank of England's Mann noted upside risks to inflation in June but acknowledged that loosening financial conditions since then could shift the outlook. The weak employment data has likely strengthened expectations for Federal Reserve rate cuts, weighing heavily on the greenback across major pairs. Traders should monitor upcoming Fed commentary and geopolitical developments for further directional cues on USD pairs.