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US dollar falls vs yen, pound after US jobs report

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The US dollar fell against the yen and the pound Friday after the US June jobs report showed strong hiring but also some worrying weakness in the labour market.

[NEW YORK] The US dollar fell against the yen and the pound Friday after the US June jobs report showed strong hiring but also some worrying weakness in the labour market.

The Labour Department's blockbuster jobs number - 287,000 payrolls added in June - was a welcome rebound from a dismal May report.

But other aspects of the June report weighed on expectations for a Federal Reserve interest rate hike anytime soon. May's already meager hiring was revised sharply downward, the unemployment rate rose more than expected and wage growth slowed slightly.

"We're not impressed," said Kathy Lien, head of forex strategy at BK Asset Management.

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Market voices on:

"Judging from the performance of the dollar post-payrolls, most forex traders share our views."

The US dollar jumped against the euro after the report but quickly pared back its gain, ending the day only slightly higher at US$1.1065 per euro.

The US dollar fell 0.3 per cent against the yen and the pound, to 100.47 yen and US$1.2954, respectively.

AFP

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