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Home Real Estate

Greenback steadies, on track for weekly loss after job growth blowout

by Riah Marton
in Real Estate
Greenback steadies, on track for weekly loss after job growth blowout
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THE US dollar strengthened on Friday (Apr 5) but was still set for a weekly loss after data showed US employers hired far more workers than expected in March, potentially delaying anticipated interest rate cuts from the Federal Reserve this year.

Non-farm payrolls increased by 303,000 jobs last month, the Labor Department said in its closely watched employment report on Friday.

Economists polled by Reuters had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000.

The dollar index was last up 0.048 per cent at 104.27, after rising to 104.69. It has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in US services growth supported expectations of Fed rate cuts.

US interest rate futures pared back the odds of a rate cut in June to 54.5 per cent after the release of the jobs report, according to CME Group’s FedWatch tool.

Investors have reeled in expectations of how much the Fed might cut rates this year, with US rate futures now pricing in two cuts in 2024.

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Economic strength and higher prices of commodities, including oil, copper, coffee and cocoa, is complicating the inflation picture.

Against the dollar, the Japanese yen weakened 0.14 per cent to 151.54.

Japanese authorities have continued to push back against excessive currency weakness, and will likely intervene to buy the yen if it breaks well below 152 per dollar, former top Japanese currency official Tatsuo Yamazaki said on Thursday.

Japanese Finance Minister Shunichi Suzuki on Friday reiterated the government’s resolve to take appropriate action against sharp yen falls.

Elsewhere, the euro was last flat at 1.0837, while sterling eased 0.04 per cent to 1.264. The Aussie was last down 0.08 per cent to 0.658. REUTERS

Tags: BlowoutcurrenciesGreenbackGrowthJobLosssteadiesTrackWeekly
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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