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Dollar Remains Subdued After Jobs Data
(RTTNews) - The U.S. dollar swung between gains and losses on Friday after data showed a bigger than expected increase in U.S. non-farm payrolls in the month of June.
Data released by the Labor Department today showed non-farm payroll employment jumped by 372,000 jobs in June after surging by a revised 384,000 jobs in May.
Economists had expected employment to increase by 268,000 jobs compared to the addition of 390,000 jobs originally reported for the previous month.
Meanwhile, the report showed the unemployment remained at 3.6% for the fourth month in a row, matching economist estimates.
The data has eased worries about the economy while also adding to concerns about aggressive interest rate hikes by the Federal Reserve.
Federal Reserve governors Christopher Waller and St. Louis Fed President James Bullard on Thursday backed another big interest-rate rise in July but said they think recession fears are overblown.
The dollar index, which climbed to 107.79 in the Asian session, dropped to 106.98 around late morning. The index was last seen hovering around 106.95, down 0.17% from the previous close.
Against the Euro, the dollar has weakened to $1.0182, after having firmed to $1.0076 during the Asian session.
The dollar is trading at $1.2028 against Pound Sterling, little changed from the previous close.
Against the Japanese currency, the dollar is stronger, fetching 136.11 yen a unit.
The dollar has weakened to 0.6851 against the Aussie. The Swiss franc is weak at 0.9769 a dollar.
Against the Loonie, the dollar weak at C$1.2952 on higher crude oil prices and strong jobs data.
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