RTTN: U.S. Dollar Slides After Nonfarm Payrolls Report
(RTTNews) - The U.S. dollar weakened against its most major counterparts on Friday following a report showed that employment in the country rose by much less than expected in the month of August.
The report showed that employment increased by 96,000 jobs in August following a downwardly revised increase of 141,000 jobs in July. Economists had expected an increase of about 125,000 jobs compared to the addition of 163,000 jobs originally reported for the previous month.
Despite the weaker than expected job growth, the unemployment rate dropped to 8.1 percent in August from 8.3 in July amid a notable decrease in the size of the workforce.
The greenback is now trading at 78.55 against the yen, compared to yesterday's close of 78.87. The next downside target level for the greenback is seen at 78.00.
The greenback reached a 1-week low of 0.9508 against the franc with 0.95 seen as the next support level. The pair closed Thursday's deals at 0.9539.
Against the euro, the greenback declined to 1.2744, its lowest level since June 20. On the downside, the greenback may break 1.28 level.
