US markets closed for Independence Day after weak jobs data

US markets are closed today in observance of Independence Day, following a week that ended with a weaker-than-expected June non-farm payrolls report. The headline figure of +57K jobs missed the +110K consensus, triggering a sell-off in the dollar and a rotation into value stocks. The Dow Jones Industrial Average rose 1.1% on Friday, while the Nasdaq Composite fell 0.8%, leaving the S&P 500 flat for the session.

The disappointing jobs data reinforces expectations that the Federal Reserve may pause or even cut rates sooner than previously anticipated. For currency traders, this shift in rate expectations weighed on the dollar, which had been supported by hawkish Fed guidance earlier in the year. The weaker dollar provided a tailwind for commodity currencies and emerging market FX, while the yen and euro also gained ground. Traders can track the latest dollar index and major pair quotes on NowPrice's real-time forex platform.

Looking ahead, the market focus will turn to upcoming inflation data, including the June CPI release later this month, for further clues on the Fed's policy path. The holiday-shortened week may see lower liquidity, which could amplify volatility in currency and equity markets. Investors will also monitor corporate earnings season for signs of how companies are navigating the economic slowdown.