US dollar declines against major currencies after jobs data

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SME Times News Bureau | 12 Dec, 2017
The US dollar declined against most major currencies as investors were still digesting the latest nonfarm payroll report.

The dollar index, which measures the greenback against six major peers, was down 0.08 per cent at 93.822 in late trading.

In late New York trading on Monday, the euro rose to $1.1792 from $1.1768 in the previous session, and the British pound declined to $1.3348 from $1.3399 in the previous session, Xinhua news agency reported.

The Australian dollar inched up to $0.7535 from $0.7503.

The US dollar bought 113.47 Japanese yen, lower than 113.53 yen of the previous session. The US dollar decreased to 0.9907 Swiss franc from 0.9925 Swiss franc, and it fell to 1.2847 Canadian dollars from 1.2871 Canadian dollars.

The US Labor Department reported on Friday that total nonfarm payroll employment increased by 228,000 in November, beating market consensus of a 190,000-gain. The unemployment rate was unchanged at 4.1 per cent.

Meanwhile, average hourly employee earnings were up by 2.5 per cent year-over-year in November, reflecting an acceleration from 2.4 per cent in October but below estimates for 2.7 per cent growth.

Analysts said the the unexpected strength of payrolls was offset by weaker-than-expected average hourly earnings to some degree.

Investors also kept a close eye on the Fed's policy meeting, with an updated policy statement set to be released after the conclusion of the meeting on Wednesday.