By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) – The U.S. dollar dropped to multi-month lows against the euro and yen on Friday, after data showed the world’s largest economy created fewer jobs than expected last month, suggesting that the Federal Reserve remained on track to cut interest rates multiple times this year.
The greenback slid 0.5% against the yen to 147.205, after earlier falling to a five-month low of 147.05 yen. The euro, meanwhile, hit another four-month peak of $1.0888 after the data. It last traded at $1.0863, up 0.7%.
Nonfarm payrolls increased by 151,000 jobs last month after rising by a downwardly revised 125,000 in January, according to the Labor Department’s Bureau of Labor Statistics. Economists polled by Reuters had forecast payrolls gaining 160,000 jobs after a previously reported 143,000 rise in January.
“Friday’s jobs report was weaker than expected, which is concerning because this report doesn’t account for the recent government job cuts from DOGE, so it suggests that businesses are taking a pause on hiring until there is more certainty about tariff policy and the economic outlook,” said Glen Smith, chief investment officer, at GDS Wealth Management in Flower Mound, Texas, in emailed comments. The firm has with $1.2 billion in assets.
U.S. rate futures on Friday priced in 78 basis points (bps) of easing, or about three rate cuts of 25 bps, according to LSEG calculations. The first rate cut is likely to resume in June.
Currency
bid
prices at
7 March
02:24
p.m. GMT
Descripti RIC Last U.S. Pct YTD Pct High Low
on Close Change Bid Bid
Previous
Session
Dollar 103.56 104.19 -0.59% -4.54% 104.23 103.
index 46
Euro/Doll 1.087 1.0786 0.78% 5% $1.0889 $1.0
ar 782
Dollar/Ye 147.15 148.015 -0.56% -6.46% 148.14 147.
n 065
Euro/Yen 159.94 159.57 0.23% -2% 160.55 159.
28
Dollar/Sw 0.8775 0.8838 -0.72% -3.31% 0.8838 0.87
iss 68
Sterling/ 1.2922 1.2882 0.3% 3.31% $1.2943 $1.2
Dollar 877
Dollar/Ca 1.4351 1.4301 0.36% -0.19% 1.4377 1.42
nadian 8
Aussie/Do 0.6297 0.6332 -0.52% 1.8% $0.6337 $0.6
llar 283
Euro/Swis 0.9537 0.953 0.08% 1.54% 0.9574 0.95
s 18
Euro/Ster 0.8409 0.8371 0.47% 1.66% 0.8417 0.83
ling 71
NZ 0.5711 0.5734 -0.37% 2.08% $0.5741 0.56
Dollar/Do 95
llar
Dollar/No 10.8022 10.8786 -0.7% -4.96% 10.8979 10.8
rway 062
Euro/Norw 11.7481 11.7372 0.09% -0.18% 11.782 11.7
ay 336
Dollar/Sw 10.066 10.1683 -1.01% -8.63% 10.1879 10.0
eden 605
Euro/Swed 10.9465 10.9673 -0.19% -4.54% 10.9885 10.9
en 469
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Christina Fincher and Louise Heavens)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.