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Forex News: U.S. Dollar Moves Notably Lower After Weak Jobs

U.S. Dollar Moves Notably Lower After Weak Jobs Data

06/02/2022 - 16:27:00 (RTTNews)

(RTTNews) - The value of the U.S. dollar has shown a notable move to the downside on Thursday following the release of some disappointing private sector jobs data.

The U.S. dollar index has slumped by 0.73 points or 0.7 percent to 101.77, offsetting the advance seen on Wednesday.

Currently, the greenback is trading at 129.87 yen versus the 130.13 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0746 compared to yesterday's $1.0650.

After seeing overnight weakness, the value of the U.S. dollar saw further downside after payroll processor ADP released a report showing much weaker than expected private sector job growth in the month of May.

ADP said private sector employment climbed by 128,000 jobs in May after jumping by a downwardly revised 202,000 jobs in April.

Economists had expected private sector employment to surge by 300,000 jobs compared to the addition of 247,000 jobs originally reported for the previous month.

Meanwhile, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended May 28th.

The report showed initial jobless claims fell to 200,000, a decrease of 11,000 from the previous week's revised level of 211,000.

Economists had expected jobless claims to come in unchanged compared to the 210,000 originally reported for the previous week.

On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.

Economists currently expect employment to jump by 325,000 jobs in May after surging by 428,000 jobs in April, while the unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

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