US dollar is lower today, thanks to the latest jobs report. The US economy didn’t add as many jobs as expected in August, and the figures for June and July were revised downward. This development is causing speculation that the Federal Reserve will have to push back its taper expectations.
Greenback is lower today, falling against most of its major counterparts, on the latest jobs data. The US economy saw an increase of 169,000 jobs in August, according to the Bureau of Labor Statistics. However, many analysts had expected a gain of 173,000. Additionally, the government revised its numbers for June and July lower.
In light of this news, the drop in the unemployment rate from 7.4 per cent to 7.3 per cent doesn’t look as promising. Some believe that there are workers that have just stopped working.
US dollar is lower as a result. Federal Reserve officials have expressed that they will begin tapering when the economy picks up, and they have cited jobs data in the past. With this latest data, showing a struggling market, it seems as though Fed tapering will be put off, contributing to dollar weakness.
At 13:40 GMT EUR/USD is up to 1.3163 from the open at 1.3121. GBP/USD is up to 1.5649 from the open at 1.5590. USD/JPY is down to 98.7425 from the open at 100.1020.
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