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Forex News: Dollar Declining After May Jobs Data Disappoints

Dollar Declining After May Jobs Data Disappoints

06/02/2017 - 14:20:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals following the release of the weaker than expected May employment report this morning. The buck has dropped to its lowest level against the Euro since early November and has fallen to a 2-week low against the Japanese Yen.

Employment in the U.S. increased by much less than expected in the month of May, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment rose by 138,000 jobs in May after climbing by a downwardly revised 174,000 jobs in April.

Economists had expected an increase of about 185,000 jobs compared to the jump of 211,000 jobs originally reported for the previous month.

Despite the weaker than expected job growth, the unemployment rate edged down to 4.3 percent in May from 4.4 percent in April. The unemployment rate had been expected to come in unchanged. With the unexpected decrease, the unemployment rate fell to its lowest level since hitting a matching rate in May of 2001.

With imports rising and exports falling, the Commerce Department released a report on Friday showing that the U.S. trade deficit widened more than expected in the month of April. The Commerce Department said the trade deficit widened to $47.6 billion in April from a revised $45.3 billion in March.

Economists had expected the trade deficit to widen to $46.1 billion from the $43.7 billion originally reported for the previous month.

The dollar has tumbled to nearly a 7-month low of $1.1275 against the Euro Friday afternoon, from an early high of $1.1204.

Eurozone producer price inflation accelerated at a slower-than-expected pace in April, after easing in the prior month, figures from Eurostat showed Friday. Industrial producer prices climbed 4.3 percent year-over-year in April, faster than the 3.9 percent rise in March. Economists had expected a 4.5 percent increase for the month.

The Greek economy expanded in the first quarter, in contrast to the contraction estimated previously, data from the Hellenic Statistical Authority showed Friday. Gross domestic product grew 0.4 percent sequentially in the first quarter instead of 0.1 percent fall estimated on May 15.

The buck rose to an early high of $1.2843 against the pound sterling Friday, but has since eased back to around $1.2880, nearly unchanged for the session.

The UK construction sector expanded at the fastest pace in 17 months in May as low interest rate and strong labor markets underpinned residential building activity.

The Purchasing Managers' Index for the construction sector advanced unexpectedly to 56.0 in May from 53.1 in April, survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed Friday.

The score was forecast to fall to 52.6. The reading signaled the fastest growth in the construction sector since December 2015.

The greenback has dropped to a 2-week low of Y110.500 against the Japanese Yen this afternoon, from an early high of Y111.709.

The monetary base in Japan climbed 19.4 percent on year in May, the Bank of Japan said on Friday - standing at 455.995 trillion yen. That follows the 19.8 percent jump in April.

Japan's consumer sentiment improved in May after declining for the first time in five months in April, survey data from the Cabinet Office showed Friday. The consumer sentiment index rose to 43.6 in May from 43.2 in April. The reading was slightly above the expected level of 43.5.

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