Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dollar dips on disappointing U.S. jobs data

ForexSep 05, 2014 03:39PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Soft jobs report weakens dollar, though expectations for upward revisions supports

Investing.com - The dollar weakened against most major currencies on Friday after data revealed the U.S. economy picked up far fewer payrolls in August than markets were expecting.

In U.S. trading on Friday, EUR/USD was up 0.07% at 1.2954.

The Department of Labor reported earlier that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000. July's figure was revised to a 212,000 increase from a previously estimated rise of 209,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.

The data came a day after payroll processor ADP reported that its nonfarm payrolls report showed that the private sector added 204,000 jobs in August, missing expectations for jobs growth of 220,000 though still above the 200,000 mark.

Still, the dollar didn't plummet on the news, as the August jobs report tends to be subject to hefty revisions later in the year.

Still, Federal Reserve Chair Janet Yellen has said that slackness persists in the labor market despite an improving economy, which softened demand for the greenback.

Meanwhile in Europe, official data revealed that German industrial production rose 1.9% in July, beating expectations for an uptick of 0.3%, after a revised 0.4% increase in June.

Still, the euro continued to come under pressure in wake of a European Central Bank decision to trim its benchmark interest rate to a record-low 0.05% from 0.15% on Thursday.

The central bank also lowered its deposit facility rate to -0.20% from -0.10% previously and its marginal lending rate to 0.30% from 0.40%.

The European monetary authority will also begin an asset-backed securities purchasing program to shore up the recovery and steer the continent away from deflationary decline.

The ECB cut its forecast for growth this year to 0.9% down from 1.0% previously and cut the forecast for 2015 to 1.6% from 1.7%. The bank also lowered its inflation forecast for this year to 0.6% from 0.7% in June.

The dollar was down against the yen, with USD/JPY down 0.18% at 105.07, and down against the Swiss franc, with USD/CHF down 0.08% at 0.9311.

The greenback was flat against the pound, with GBP/USD down 0.01% at 1.6327.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.08% at 1.0883, AUD/USD up 0.30% at 0.9376 and NZD/USD up 0.29% at 0.8330.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% at 83.77.

Dollar dips on disappointing U.S. jobs data
 

Related Articles

Cuban peso in free fall against the dollar
Cuban peso in free fall against the dollar By Reuters - Jan 26, 2022 1

By Marc Frank HAVANA (Reuters) - The Cuban peso was trading at nearly 100 to the dollar on the informal market Tuesday, according to a trader and online trackers, a depreciation...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email