US$ recovers as rate-hike chance dims on poor jobs data

London

THE dollar rose on Monday, having hit more than three-week lows against a basket of major currencies after a poor employment report prompted investors to rule out the chance of a hike in US interest rates in June.

The dollar index rose 0.2 per cent to 94.24, having hit a low of 93.855 on Friday - a level last seen on May 12. It tumbled 1.6 per cent on Friday, posting its second biggest one-day drop this year. Friday's US data showed nonfarm payrolls increased by only 38,000 jobs last month, the fewest in more than 51/2 years, confounding forecasts for a rise of 164,000 jobs.