Forex News: U.S. Dollar Falls After Weak Jobs Data

U.S. Dollar Falls After Weak Jobs Data

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Friday, as softer-than-expected nonfarm payrolls data for August supported expectations for a rate cut later this month.

Nonfarm payrolls rose by 22,000 jobs in August, following an increase of 79,000 jobs in July. Economists had expected employment to increase by 75,000 jobs.

The unemployment rate rose to 4.3% from 4.2%. The rate matched estimates.

The data supported expectations that the Federal Reserve will cut interest rates later this month.

The greenback fell to 1-1/2-month lows of 0.7956 against the franc and 1.1759 against the euro. The next possible support for the currency is seen around 0.77 against the franc and 1.20 against the euro.

The greenback dropped to more than a 2-week low of 1.3554 against the pound and a 4-day low of 146.81 against the yen. The currency is seen finding support around 1.40 against the pound and 140.00 against the yen.

The greenback declined to 1-1/2-month low of 0.6588 against the aussie and more than a 2-week low of 0.5917 against the kiwi. The currency may find support around 0.68 against the aussie and 0.60 against the kiwi.

In contrast, the greenback climbed to a 9-day high of 1.3854 against the loonie, from an early 3-day low of 1.3758. If currency rises further, it is likely to find resistance around the 1.40 level.

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