The US Dollar (USD) fell against the euro and Japanese yen on Friday after the U.S. economy added more jobs than expected in August, though a rise in the unemployment rate to 3.8% and moderation in wage growth pointed to easing labor market conditions.
Employers added 187,000 jobs in August, above expectations for a 170,000 gain. The unemployment rate rose to 3.8%, above the expected 3.5%. Average hourly earnings rose by 4.3% for the year, below expectations for a 4.4% gain.
Data for July was also revised lower to show 157,000 jobs added instead of the previously reported 187,000.
“Today’s jobs report provides investors the best of both worlds. It’s the labor market softening just enough to keep the Fed at bay while it’s strong enough to prevent an economic recession,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
The dollar index was last down 0.18% at 103.42. The euro rose 0.18% to $1.0862. The greenback fell 0.56% to 144.725 Japanese yen , and got as low as 144.44, the lowest since Aug. 11.
Currency bid prices at 9:00AM (1300 GMT)
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