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Forex News: U.S. Dollar Roughly Flat After Seeing Overnight Weakness

U.S. Dollar Roughly Flat After Seeing Overnight Weakness

05/06/2022 - 16:36:00 (RTTNews)

(RTTNews) - After seeing considerable overnight weakness, the value of the U.S. has regained ground over the course of trading on Friday.

The U.S. dollar index has climbed off its low of 103.19 but currently remains down 0.08 points or 0.1 percent at 103.68.

The greenback is currently trading at 130.59 yen versus the 130.20 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0542 compared to yesterday's $1.0542.

The recovery attempt by the dollar came following the release of a closely watched Labor Department report showing stronger than expected job growth in the month of April.

The report showed non-farm payroll employment surged by 428,000 jobs in April, matching the revised jump seen in March.

Economists had expected employment to climb by 391,000 jobs compared to the addition of 431,000 jobs originally reported for the previous month.

Meanwhile, the Labor Department said the unemployment rate came in unchanged at 3.6 percent versus expectations the rate would edge down to 3.5 percent.

With the report showing continued strength in the labor market, economists predicted the Federal Reserve will continue with its plans to raise interest rates relatively sharply over the coming months.

"Overall, with labor market conditions still this strong - including very rapid wage growth - we doubt that the Fed is going to abandon its hawkish plans because of the current bout of weakness in equities," Ashworth said.

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