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Forex - U.S. Dollar Falls After Jobs Report

Published 10/05/2018, 09:06 AM
© Reuters.  The dollar was lower on Friday.

Investing.com - The U.S. dollar fell on Friday after the September jobs report came in lower than expected and 10-year Treasury yields rose to a seven-year high.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.15% to 95.329 as of 9:05 AM ET (13:05 GMT).

The U.S. economy created less jobs than expected in September, but unemployment reached a 48-year low, indicating the economy could be plateauing.

Nonfarm payrolls rose by 134,000 compared to expectations for a 185,000 gain.

Payroll gains for August were revised to 270,000 from the 201,000 initially reported, while July was revised up to 165,000 from 147,000. The unemployment rate fell to 3.7%, a level not seen since 1969. Average hourly earnings, an important number to gauge inflation, rose 2.8% year over year in September.

Meanwhile expectations for a Federal Reserve rate increase in December rose slightly to 77.7%.

After the data release, the yield on the benchmark United States 10-Year Treasury note jumped to 3.227%, a level not seen since 2011.

Elsewhere the euro was slightly higher, while sterling surged amid reports that the European Union and the UK are in the final Brexit negotiation stages.

EUR/USD increased 0.10% to 1.1525 and GBP/USD rose 0.45% to 1.3078.

The dollar slid lower against the yen, with USD/JPY down 0.07% to 113.80.

The Australian dollar was higher, with AUD/USD up 0.06% to 0.7078, while NZD/USD fell 0.09% to 0.6474.

The loonie inched up after the employment rate came in much higher than expected. USD/CAD dipped 0.02% to 1.2925.

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