Dollar Hits Four-Month Low As Weak Jobs Data Boosts Rate Cut Bets

CURRENCY - NEW YORK. The U.S. dollar dropped to a four-month low on Friday after a weaker than expected employment report for July raised expectations that the Federal Reserve will cut interest rates by 50 basis points in September as the economy sours.

Employers added 114,000 jobs, below expectations for an increase of 175,000. The unemployment rate rose to 4.3%, above economists expectations that it would be unchanged on the month at 4.1%.